MILPITAS, Calif., Oct. 26, 2020 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion” or the “Company”), a global leader in designing and marketing NAND flash controllers for solid state storage devices, announces today the extension of the Company’s current share repurchase program for an additional 12 months.
The Company’s current $200 million 2-year share repurchase program was announced on November 21, 2018. As of the third quarter of 2020, $84.8 million has been used to repurchase 2.4 million ADSs, equivalent to approximately 7% of total shares outstanding, and $115.2 million remains unused under the program. The Board of Directors of the Company has authorized the extension of the expiration of this program to November 21, 2021.
“In addition to our annual dividend, our share repurchase program is another important component of returning capital to our shareholders,” said Wallace Kou, President and CEO of Silicon Motion. “We are committed to opportunistically repurchasing our shares when we believe our equity value may not accurately reflect the company’s future prospects.”
About Silicon Motion:
We are the global leader in supplying NAND flash controllers for solid state storage devices and the merchant leader in supplying SSD controllers. We have the broadest portfolio of controller technologies and our controllers are widely used in storage products such as SSDs and eMMC+UFS devices, which are found in data centers, PCs, smartphones, and commercial and industrial applications. We have shipped over six billion NAND controllers in the last ten years, more than any other company in the world. We also supply customized high-performance hyperscale data center and industrial SSD solutions. Our customers include most of the NAND flash vendors, storage device module makers and leading OEMs. For further information on Silicon Motion, visit us at www.siliconmotion.com.
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Director of Investor Relations & Strategy