Israeli smartphone chipmaker Ceva Inc. (Nasdaq:CEVA) has announced that its board of directors has authorized the expansion of the company’s share repurchase program by additional 700,000 shares of common stock available for repurchase. As of March 31, 2018, Ceva had roughly 270,000 shares of common stock available for repurchase under the existing plan, bringing the aggregate to about 1 million shares available for repurchase.
Ceva CEO Gideon Wertheizer said, “The board's decision to expand the stock repurchase program reflects their belief in the long-term strategy and growth potential of the company. With our unique portfolio of integrated solutions, including 5G, artificial intelligence, computer vision and sound, we possess many of the key technologies that are redefining every major industry today as we move towards an increasingly smarter, connected world.”
Ceva's share price rose 1.04% on Nasdaq yesterday to $34.15, giving the company a market cap of $758.8 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 23, 2018
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