ROCKVILLE, Md., Nov. 7, 2024
/PRNewswire/ -- Ceva, Inc. (NASDAQ: CEVA), the leading
licensor of silicon and software IP that enables Smart Edge devices
to connect, sense and infer data more reliably and efficiently,
today announced that its Board of Directors authorized the
expansion of the company's share repurchase program with an
additional 700,000 shares of common stock available for repurchase.
As of September 30, 2024, Ceva had
approximately 356,000 shares of common stock available for
repurchase under the existing plan, bringing the aggregate to
approximately 1,056,000 shares available for repurchase.
Amir Panush, CEO of Ceva,
commented: "The share repurchase program expansion reflects the
management and Board of Director's confidence in the ongoing
performance of Ceva's business and long-term strategy to drive
profitable growth. Our balance sheet remains strong and ensures we
are well positioned to pursue non-organic growth opportunities
while also returning capital to our shareholders."
Under the share repurchase program, shares of the company's
common stock may be repurchased from time to time pursuant to Rule
10(b)-18 of the Securities Exchange Act of 1934, as amended outside
of periods when the Company's trading window is closed. Such
repurchases may be made in the open market or through privately
negotiated transactions depending on market conditions, share
price, trading volume and other factors.
About Ceva, Inc.
At Ceva, we are
passionate about bringing new levels of innovation to the
smart edge. Our wireless communications, sensing
and Edge AI technologies are at the heart of some of
today's most advanced smart edge products. From wireless
connectivity IPs (Bluetooth,
Wi-Fi, UWB and 5G platform
IP), to scalable Edge AI NPU
IPs and sensor
fusion solutions, we have the broadest portfolio
of IP to connect, sense and infer data more reliably
and efficiently. We deliver differentiated solutions that combine
outstanding performance at ultra-low power within a very small
silicon footprint. Our goal is simple – to deliver the silicon and
software IP to enable a smarter, safer, and more
interconnected world. This philosophy is in practice today,
with Ceva powering more than 18 billion of the world's
most innovative smart edge products from AI-infused
smartwatches, IoT devices and wearables to
autonomous vehicles and 5G mobile networks.
Our headquarters are in Rockville,
Maryland with a global customer base supported by operations
worldwide. Our employees are among the leading experts in their
areas of specialty, consistently solving the most complex design
challenges, enabling our customers to bring innovative smart edge
products to market.
Ceva is a sustainability- and environmentally-conscious company,
adhering to our Code of Business Conduct and Ethics. As such, we
emphasize and focus on environmental preservation, recycling, the
welfare of our employees and privacy – which we promote on a
corporate level. At Ceva, we are committed to social
responsibility, values of preservation and consciousness towards
these purposes.
Ceva: Powering the Smart Edge™
Visit us at www.ceva-ip.com and follow us on LinkedIn, X,
YouTube, Facebook, and Instagram.
Forward Looking Statements
This press release contains
forward-looking statements that involve risks and uncertainties, as
well as assumptions that if they materialize or prove incorrect,
could cause the results of Ceva to differ materially from those
expressed or implied by such forward-looking statements and
assumptions. Forward-looking statements include Mr. Panush's
statements regarding management and the Board's confidence in the
ongoing performance of Ceva's business and long-term strategy to
drive profitable growth and belief that the strength of Ceva's
balance sheet ensures Ceva is well positioned to pursue non-organic
growth opportunities while returning capital to shareholders. The
risks, uncertainties and assumptions that could cause differing
Ceva results include: the effect of intense industry competition;
the ability of Ceva's technologies and products incorporating
Ceva's technologies to achieve market acceptance; Ceva's ability to
meet changing needs of end-users and evolving market demands; the
cyclical nature of and general economic conditions in the
semiconductor industry; Ceva's ability to diversify its royalty
streams and license revenues; Ceva's ability to continue to
generate significant revenues from the handset baseband market and
to penetrate new markets; instability and disruptions related to
the ongoing Israel-Gaza conflict; and general market conditions
and other risks relating to Ceva's business, including, but not
limited to, those that are described from time to time in our SEC
filings. Ceva assumes no obligation to update any forward-looking
statements or information, which speak as of their respective
dates.
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SOURCE Ceva, Inc.
