PCTEL terminates share repurchase program
PCTEL has terminated its previously announced share repurchase program. The board of directors does not intend to modify the company’s dividend policy, PCTEL said.
“Given the uncertainty surrounding the COVID-19 virus and its impact on economic and market conditions, the board determined that it is prudent to terminate the share repurchase program,” said David Neumann, CEO of PCTEL. “Maintaining our strong balance sheet will allow PCTEL flexibility to address the unique and evolving challenges presented by the COVID-19 situation.”
In addition, PCTEL also terminated a plan pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, that was in place to facilitate market repurchases.
According to PCTEL, under the now-terminated repurchase program, it repurchased approximately 375,000 shares of common stock for an aggregate purchase price of approximately $2 million. Following these repurchases, it had approximately 18.5 million shares of common stock outstanding, the company said.
PCTEL is a provider of wireless technology, including industrial IoT devices, antenna systems, and test and measurement solutions.
About the Author: Allison Kral
Allison Kral is the former digital media manager for North Coast Media (NCM). She completed her undergraduate degree at Ohio University where she received a Bachelor of Science in magazine journalism from the E.W. Scripps School of Journalism. She works across a number of digital platforms, which include creating e-newsletters, writing articles and posting across social media sites. She also creates content for NCM's Pit & Quarry magazine, Portable Plants magazine and Geospatial Solutions. Her understanding of the ever-changing digital media world allows her to quickly grasp what a target audience desires and create content that is appealing and relevant for any client across any platform.
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