Secure solutions provider SuperCom Ltd. (NASDAQ: SPCB) said that as part of the previously announced share repurchase authorization, it has repurchased 500,000 of its ordinary shares in open market transactions at an average cost of USD 4.90 per share, and that its expects to release its condensed financial results within the coming seven days.
On September 24, 2015, the company announced that its board of directors had provided authorization for management, at its discretion, to repurchase up to one million of the company´s ordinary shares in open market transactions. Since that time, the company has repurchased approximately 500,000 shares in multiple transactions that were funded with cash on hand. The repurchased shares are currently held in treasury.
The duration of the program is open-ended, does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time.
Since 1988, SuperCom has been provider of traditional and digital identity solutions, providing safety, identification and security solutions to governments and organizations, both private and public, throughout the world.