BEVERLY,
Mass., Sept. 12, 2023 /PRNewswire/ -- Axcelis
Technologies, Inc. (Nasdaq: ACLS), a leading supplier of enabling
ion implantation solutions for the semiconductor industry, today
announced that its Board of Directors has authorized additional
funding of $200 million for the
Company's share repurchase program. The purchases are funded from
available working capital.
"We are pleased to announce our Board's approval of additional
funding for our share repurchase program," stated President and CEO
Russell Low. "From 2019 through the
second quarter of this year, we have returned over $157 million of cash to shareholders via stock
repurchases. The additional funding will maintain our program when
the Board's prior funding is exhausted later this year. The
strength of our business model and significant cash flow generation
enable us to continue investing for the long term, while also
returning cash to our shareholders."
Repurchases of the Company's common stock will be made from time
to time under the SEC's Rule 10b-18,
subject to market conditions. These shares may be purchased in the
open market or through privately negotiated transactions. The
Company may from time to time enter into Rule 10b5-1 trading plans
to facilitate the repurchase of its common stock pursuant to its
share repurchase program. The Company has no obligation to
repurchase shares under the authorization. The Company may suspend
or discontinue the repurchase program at any time.
Safe Harbor Statement
Statements made in this press release that are not of known
historical fact are forward-looking statements and are subject to
the safe harbor provisions created by the Private Securities
Litigation Reform Act of 1995. These statements, which include our
plans to execute a share repurchase program, are based on
management's current expectations and should be viewed with
caution. They are subject to various risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements, including the continuing strength of
our financial position and ability to make share repurchases, as
well as the other risks and uncertainties that are described in the
documents filed or furnished by us with the Securities and Exchange
Commission, including specifically the risk factors described in
our annual report on Form 10-K for the fiscal year ended
December 31, 2022. The Company
undertakes no obligation to update the information or statements
made in this press release.
About Axcelis:
Axcelis (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative,
high-productivity solutions for the semiconductor industry for over
45 years. Axcelis is dedicated to developing enabling process
applications through the design, manufacture and complete life
cycle support of ion implantation systems, one of the most critical
and enabling steps in the IC manufacturing process. Learn more
about Axcelis at www.axcelis.com.
Company Contacts
Investor Relations:
Doug Lawson
978.787.9552
Editorial/Media:
Maureen Hart
978.787.4266
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SOURCE Axcelis Technologies, Inc.