Radware, a leading provider of cyber security and application delivery solutions, announced that its board of directors has significantly upsized the Company’s share repurchase plan. The share repurchase plan will expire on December 31, 2021.
The plan is comprised of a combination of the remainder of the 2020 share repurchase plan and the new 2021 authorization of additional share repurchases totaling an aggregate of $80 million shares. The Company has already obtained Israeli court approval for repurchases until May 20, 2021 and intends to request additional court approvals or extensions as may be required under Israeli law.
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In 2020, the Company repurchased in aggregate $45 million of its shares.
The share repurchase plan authorizes management to repurchase ordinary shares, from time to time, in open market transactions, in privately negotiated transactions or in other legally permissible ways depending on market conditions, share price, trading volume and other factors. Such repurchases will be made in accordance with applicable U.S. securities laws and regulations, including Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”) and applicable Israeli law, including, to the extent necessary, extending the approval of the Israeli court for the repurchase program (currently scheduled to expire in May 2021) or obtaining additional court approval. The Company may repurchase all or a portion of the authorized repurchase amount pursuant to a plan that is compliant with Rule 10b5-1 of the Exchange Act that is designed to facilitate these purchases. The share repurchase plan does not obligate the Company to repurchase any specific number of shares and may be suspended or terminated at any time at management’s discretion.
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Radware, is a global leader of cyber security and application delivery solutions for physical, cloud, and software defined data centers. Its award-winning solutions portfolio secures the digital experience by providing infrastructure, application, and corporate IT protection and availability services to enterprises globally. Radware’s solutions empower enterprise and carrier customers worldwide to adapt to market challenges quickly, maintain business continuity and achieve maximum productivity while keeping costs down.
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