PCTEL Announces Termination of Share Repurchase Program
“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
In connection with the termination of the share repurchase program, the Company has 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.
Under the now terminated share repurchase program, the Company repurchased approximately 375,000 shares of common stock for an aggregate purchase price of approximately
PCTEL is a leading global provider of wireless technology, including purpose-built Industrial IoT devices, antenna systems, and test and measurement solutions. Trusted by our customers for over 25 years, we solve complex wireless challenges to help organizations stay connected, transform, and grow.
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PCTEL Safe Harbor Statement
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 involving, among other things, uncertainties inherent in business and financial planning, and, in particular, uncertainties around the impact of the spread of the COVID-19 virus, and actions taken to address this spread, on PCTEL’s operations, the demand for PCTEL’s products, global supply chains, and economic activity and conditions in general. These statements are based on management’s current expectations, and actual results may differ materially from those projected as a result of certain risks and uncertainties, including uncertainties around the impact of the spread of the COVID-19 virus and actions taken to address this spread, market conditions, economic factors (such as interest rate and currency exchange rate fluctuations), customer demand for PCTEL’s products including demand from customers in
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Vice President, Global Marketing