SANTA CLARA, Calif. - Marvell (NASDAQ:MRVL) Technology, Inc. (NASDAQ: MRVL), known for its data infrastructure semiconductor solutions, revealed today that its Board of Directors has approved a substantial expansion of its stock repurchase program. The company is set to add $3 billion to its existing buyback plan, bringing the total available funds for repurchasing its shares to roughly $3.3 billion.
This announcement marks the largest repurchase authorization in Marvell's history. Prior to this increase, the company had about $299 million remaining under its previous repurchase authority, which concluded at the end of its fiscal year on February 3, 2024.
Marvell's management retains the flexibility to buy back shares either on the open market or through private transactions. The pace and volume of the repurchase will hinge on market conditions and other internal considerations. Marvell has also stated that the repurchase program can be paused or terminated at any point.
The company's press release included forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995, cautioning that such statements involve certain risks and uncertainties. These may affect the execution and impact of the stock repurchase program.
Moreover, Marvell's future performance could differ materially from current expectations due to various factors, some of which are detailed in its filings with the Securities and Exchange Commission (SEC).
Marvell has been a trusted partner in the technology sector for over 25 years, specializing in semiconductor solutions that address the needs of enterprise, cloud, automotive, and carrier markets. The company's approach involves close collaboration with customers to ensure their current and future data infrastructure technology needs are met.
The information for this article is based on a press release statement from Marvell Technology, Inc.
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