SAN DIEGO--(BUSINESS WIRE)--
Airgain, Inc. (NASDAQ: AIRG), a leading provider of advanced antenna technologies used to enable high performance wireless networking, has announced that its Board of Directors approved a share repurchase program pursuant to which Airgain may repurchase up to $7 million of shares of its common stock.
Under the share repurchase program, repurchases may be made from time-to-time in open market and negotiated purchases, effective immediately through the next twelve months. Airgain currently has approximately 9.5 million shares outstanding.
Charles Myers, President and Chief Executive Officer of Airgain, stated: “Our commitment remains on investing in the business first and foremost to capitalize on attractive high ROI (Return on Investment) opportunities in the market. However, we do recognize that opportunities may emerge for us to take advantage of our strong balance sheet to repurchase our shares. This share repurchase program affords us the flexibility to be opportunistic in our capital allocation strategy. More importantly, though, the program offers an opportunity for us to reiterate our confidence in the strength and future growth potential of Airgain to our shareholders.”
These repurchases will be made in compliance with the SEC’s Rule 10b-18, subject to market conditions, available liquidity, cash flow, applicable legal requirements and other factors. This program does not obligate Airgain to acquire any particular amount of common stock and the program may be suspended or discontinued at any time. Airgain expects to finance the purchases with existing cash balances.
About Airgain, Inc.
Airgain is a leading provider of advanced antenna technologies used to enable high performance wireless networking across a broad range of home, enterprise, and industrial devices. Our innovative antenna systems open up exciting new possibilities in wireless services requiring high speed throughput, broad coverage footprint, and carrier grade quality. Our antennas are found in devices deployed in carrier, enterprise, and residential wireless networks and systems, including set-top boxes, access points, routers, gateways, media adapters, digital televisions, and Internet of Things (IoT) devices. Airgain partners with and supplies the largest blue chip brands in the world, including original equipment and design manufacturers, chipset makers, and global operators. Airgain is headquartered in San Diego, California, and maintains design and test centers in San Diego, Phoenix, Arizona, Cambridge, United Kingdom, and Suzhou and Shenzhen, China. For more information, visit airgain.com, or follow us on LinkedIn and Twitter.
Airgain and the Airgain logo are registered trademarks of Airgain, Inc.
Forward-Looking Statements
Airgain cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on the company's current beliefs and expectations. These forward-looking statements include statements regarding Airgain's plans with respect to share repurchases and the board of directors’ and management’s expectations on the future of Airgain. The inclusion of forward-looking statements should not be regarded as a representation by Airgain that any of our plans will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including, without limitation: market conditions; the possibility that the share repurchase program may be suspended or discontinued at any time; the market for our antenna products is developing and may not develop as we expect; our operating results may fluctuate significantly, including based on seasonal factors, which makes future operating results difficult to predict and could cause our operating results to fall below expectations or guidance; and other risks described in our prior press releases and in our filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in our Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
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