2022-09-12 | NYSE:MX | Press release
Seoul, South Korea, September 12, 2022 /PRNewswire/ — Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced that the Board of Directors has authorized an extension of the Company’s previously announced share buyback program of $75 million at $87.5 million ordinary shares of the Company. The Company has already bought back shares worth $37.5 million in the program.
The rest $50.0 million enlargement $87.5 million program will be redeemed on the open market or through over-the-counter transactions. As part of the buyback program, the Company has implemented a stock trading plan in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.
The timing of share repurchases and the number of common shares to be repurchased will depend on prevailing market conditions and other factors.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which are subject to the safe harbor thus created. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These forward-looking statements are often, but not always, formulated using words or phrases such as “may”, “will”, “will”, “anticipate”, “estimate”, “plan”, “project, “”s), “”intend”, “predict”, “potential”, “future”, “strategy”, “opportunity” and similar words or phrases or the negatives of such words or phrases. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including, but not limited to: the impact of changes in macroeconomic and/or general economic conditions, including those caused by or related to inflation, potential recessions or other deteriorationeconomic instability or civil unrest the COVID 19 pandemic or the emergence of various variants of the virus or other epidemics, and government lockdowns or other measures implemented in response thereto, and Russia–Ukraine conflict; manufacturing capacity constraints or supply chain disruptions which may impact our ability to deliver our products or the price of components, which may increase our costs, as well as impact demand for our products from customers who are also affected by such capacity constraints or disruptions; the impact of competitive products and prices; timely design acceptance by our customers; timely introduction of new products and technologies; ability to move new products into volume production; industry-wide changes in the supply and demand for semiconductor products; industry and/or corporate overcapacity or supply constraints; efficient and cost-effective use of manufacturing capacity; financial stability in foreign markets and the impact of exchange rates; unforeseen costs and expenses or the inability to identify expenses that can be eliminated; compliance with U.S. and international trade and export laws and regulations by us, our customers, and our distributors, including those related to the Russia–Ukraine conflict; modification or ratification of local or international laws and regulations, including those relating to the environment, health and safety; public health issues, including the COVID-19 pandemic or the emergence of various variants of the virus; other business interruptions that may disrupt the supply, delivery or demand of Magnachip’s products, including uncertainties regarding the impacts of the COVID-19 pandemic or the emergence of various variants of the virus that may lead to plant closures, reduced workforcescarcity of raw materials and goods produced in infected areas, as well as reduced consumer and business spending affecting demand for Magnachip’s products due to mandatory government and private sector business closures, travel restrictions or otherwise to prevent the spread of disease; and other risks and uncertainties and the factors identified under “Risk Factors” in Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q for the Quarter Ended June 30, 2022, and updated in subsequent reports filed by the Company with the United States Securities and Exchange Commission and/or made available on our website. These reports are available at www.magnachip.com Where www.sec.gov. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events.
About Magnachip Semiconductor
magnachipe is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, computer, industrial and automotive applications. The company offers a wide range of standard products to customers all over the world. magnachipe, with over 40 years of operating experience, has a portfolio of approximately 1,100 filed patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com. Information on or accessible through Magnachip’s is not part of, and is not incorporated into, this version.
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