AudioCodes Receives Approval for Extension of Share Repurchase Program
Lod, Israel - October 26, 2016
AudioCodes (NASDAQ: AUDC), a leading provider of converged voice solutions that enable enterprises and service providers to transition to all-IP voice networks, today announced that it has received court approval to repurchase up to an additional $15 million of its Ordinary Shares, NIS 0.01 nominal value, through April 25, 2017. The share repurchases will be funded from available working capital.
Share purchases may take place in open market transactions or in privately negotiated transactions and may be made from time to time depending on market conditions, share price, trading volume and other factors. Such purchases will be made in accordance with all applicable securities laws and regulations. For all or a portion of the authorized repurchase amount, AudioCodes may enter into a plan that is compliant with Rule 10b5-1 of the United States Securities Exchange Act of 1934. The repurchase program does not require AudioCodes to acquire a specific number of shares and may be suspended from time to time or discontinued.