Actelis Networks, Inc. Authorizes up to $1 Million Share Repurchase Program
22 November 2022 - 11:00PM
Actelis Networks, Inc. (NASDAQ: ASNS) (“Actelis”
or the “Company”), a market leader in cyber-hardened,
rapid-deployment networking solutions for wide-area IoT networks,
today announced that its Board of Directors has authorized a share
repurchase program pursuant to which the Company may repurchase up
to $1 million of its outstanding shares of common stock (the "Share
Repurchase Program").
The Board of Directors authorized the Company to
purchase its common stock from time to time on a discretionary
basis through open market purchases, privately negotiated
transactions or other means, including trading plans intended to
qualify under Rule 10b-18 of the Securities Exchange Act of 1934,
as amended, in accordance with applicable federal securities laws
and other applicable legal requirements. The Company expects to
fund these repurchases through existing cash balances. Decisions
regarding the amount and timing of purchases under the Share
Repurchase Program will be based on the Company’s cash on hand,
cash flows from operations, general market conditions, regulatory
requirements and other factors. Actelis is not obligated to acquire
any particular amount of its common stock under the Share
Repurchase Program. The Share Repurchase Program has no set
termination date and may be suspended or discontinued by the
Company’s Board of Directors at any time.
“We believe that there is a disconnect between
our current share-price and the fair value of our stock,” said
Tuvia Barlev, CEO of Actelis. “2022 has been a year of investment
and growth for Actelis and with our continuous efforts, we look
forward to further accelerate our growth. The authorization of this
Share Repurchase Program reflects our leadership’s confidence in
the trajectory of the organization and our ability to generate
long-term shareholder value.”
About Actelis Networks,
Inc.
Actelis Networks, Inc. is a market leader in
cyber-hardened, rapid-deployment networking solutions for wide-area
IoT applications including federal, state and local government,
ITS, military, utility, rail, telecom and campus applications.
Actelis’ unique portfolio of hybrid fiber-copper, environmentally
hardened aggregation switches, high density Ethernet devices,
advanced management software and cyber-protection capabilities,
unlocks the hidden value of essential networks, delivering safer
connectivity for rapid, cost-effective deployment. For more
information, please visit www.actelis.com.
Cautionary Statement Concerning
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 and other securities laws. Words such as
“expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,”
“estimates” and similar expressions or variations of such words are
intended to identify forward-looking statements. Forward-looking
statements are not historical facts, and are based upon
management’s current expectations, beliefs and projections, many of
which, by their nature, are inherently uncertain. Such
expectations, beliefs and projections are expressed in good faith.
However, there can be no assurance that management’s expectations,
beliefs and projections will be achieved, and actual results may
differ materially from what is expressed in or indicated by the
forward-looking statements. Forward-looking statements are subject
to risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in the
forward-looking statements. For a more detailed description of the
risks and uncertainties affecting the Company, reference is made to
the Company’s reports filed from time to time with the SEC,
including, but not limited to, the risks detailed in the Company’s
final prospectus (Registration No. 333-264321), filed with the SEC
on May 16, 2022. Investors and security holders are urged to read
these documents free of charge on the Securities and Exchange
Commission's web site at http://www.sec.gov. Forward-looking
statements speak only as of the date the statements are made. The
Company assumes no obligation to update forward-looking statements
to reflect actual results, subsequent events or circumstances,
changes in assumptions or changes in other factors affecting
forward-looking information except to the extent required by
applicable securities laws. If the Company does update one or more
forward-looking statements, no inference should be drawn that the
Company will make additional updates with respect thereto or with
respect to other forward-looking statements. References and links
to websites have been provided as a convenience, and the
information contained on such websites is not incorporated by
reference into this press release. Actelis is not responsible for
the contents of third-party websites.
Investor Relations Contact:Matt Glover and Ralf
EsperGateway Investor Relations+1
949-574-3860ASNS@gatewayir.com
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