GSI Technology Announces Stock Repurchase Program of up to $10M
GSI Technology, Inc. (Nasdaq: GSIT) today announced that its Board of Directors has adopted a new program to repurchase, at management's discretion, shares of GSI Technology's common stock having an aggregate purchase price of up to $10 million. Combined with previously existing authority under a repurchase program adopted in November 2008, the Company now has the authority to repurchase shares having an aggregate purchase price of up to $11.4 million. Under the expanded repurchase program, the Company may repurchase shares from time to time on the open market or in private transactions.
The Company will fund the repurchases through the use of its own cash resources. The specific timing and amount of the repurchases will be dependent on market conditions, securities law limitations and other factors. The repurchase program may be suspended or terminated at any time without prior notice. In connection with the repurchase program, the Company may adopt one or more plans pursuant to the provisions of Rule 10b5-1 under the Securities Exchange Act of 1934. Needham & Company will act as an agent for GSI Technology in the repurchase program. As of December 31, 2011, GSI Technology had 28,016,515 shares of common stock outstanding.
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