Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) confirmed that it has decided to ink an accelerated share repurchase (ASR) agreement to buy back $150 million of the Company's common stock. The ASR agreement was inked following Kulicke & Soffa's current $800 million repurchase authorization.
Kulicke & Soffa has earned a reputation as a global semiconductor, LED, and electronic assembly solutions provider with a focus on the automotive, consumer, communications, computing, and industrial markets. Since its inception in 1951, KLIC takes pride in laying the groundwork for technological progress by developing cutting-edge interconnect solutions that allow performance enhancements, power efficiency, form-factor reductions, and superior assembly of current and next-generation semiconductor devices.
Kulicke & Soffa expects to have completed the transactions linked with the ASR by the end of its third fiscal quarter in 2022. The company believes that about $340 million of its current buyback authorization will be available at that time. During the life of the ASR, the final number of shares to be bought back will be determined on the volume-weighted average price of the Company's common stock, minus a discount.
Furthermore, K&S bought back 459.7 thousand shares for $24.4 million during its second fiscal quarter of 2022, which was completed on March 2. Since August 27, 2014, a total of $407.8 million has been spent to buy back a total of 20.6 million shares under the Company's current and past buyback authorizations between August 27, 2014, and March 2, 2022. On January 1, 2022, Kulicke & Soffa had 63.3 million diluted shares outstanding at the end of its first fiscal quarter.