Lod, Israel - AudioCodes Ltd. - August 7, 2014 - AudioCodes (NasdaqGS: 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 $3 million of its Ordinary Shares, NIS 0.01 nominal value. As of July 31, 2014, AudioCodes had approximately 43.3 million Ordinary Shares outstanding.
Shabtai Adlersberg, Chairman of the Board, President and Chief Executive Officer of AudioCodes said: “This share repurchase program represents the confidence we have in the Company and its long-term growth prospects, and is consistent with management’s goal of increasing shareholder value.”
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 that is designed to facilitate these purchases. 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. Under applicable Israeli law and based on current market prices, AudioCodes can purchase up to approximately $3 million of its Ordinary Shares without further approval. In addition, AudioCodes intends to apply to the competent court in Israel for authorization to repurchase an additional amount of its Ordinary Shares for an aggregate purchase price of between $10-15 million. AudioCodes expects that the approval process will take approximately three months.
Except for historical information, the matters discussed in this press release are forward-looking statements. The Company assumes no obligation to update the information in this press release.