Lod, Israel, April 6, 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 its Board of Directors has approved a program to repurchase up to $15 million of its Ordinary Shares, NIS 0.01 nominal value. The court approval for AudioCodes’ existing repurchase program is scheduled to expire in mid May 2016. Accordingly, AudioCodes will file tomorrow a motion seeking court approval in Israel for repurchases of up to an additional $15 million of its Ordinary Shares once the previous plan expires or is exhausted. This motion requests permission to make purchases for a period of six months following the date of court approval.
Share purchases will 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.
The share repurchases will be funded from available working capital. AudioCodes expects that the approval process for the additional repurchase program will take approximately three months.