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StMicroelectronics has completed the three-year $1.040 billion (€911.2 million, at a weighted average price of €38.67 per share) share buyback programs that began in 2021 and has launched a new buyback plan comprising two programs , for a maximum value of $1.1 billion, to be executed within a period of three years (subject to shareholder approval and other appropriate approvals from time to time). The closing price of the shares on the New York Stock Exchange on June 18 was $43.08, and at that price, the maximum number of shares that could be purchased would be approximately 25.5 million, or 2.8%. approximately of the issued capital of St.
The use
The semiconductor group, with the programs executed and completed, supported the incentive plans for employees and met the company’s obligations deriving from the debt financial instruments convertible into shares. The new repurchase programs, a note informs, «will be aimed at fulfilling the obligations on employee incentive plans and will be at the service of the potential settlement of its convertible bonds in circulation, for approximately 111 million dollars, at the closing price of the NYSE of June 18th.”
The conditions
The minimum price paid for new buybacks will be 1.04 euros per share, a maximum equal to 110% of the average of the highest price per ordinary share in each of the five open market days prior to the purchase date, on each of regulated markets Euronext Paris, Borsa Italiana and Nyse and a maximum equal to the greater between the price of the last independent transaction and the highest independent purchase offer at the time on the trading venue where the purchase is made.
