Amtech Systems, Inc, a global supplier of production and automation systems and related supplies for the manufacture of solar cells, semiconductors, and silicon wafers, today announced that its Board of Directors has authorized a new stock repurchase program of up to $4 million of the company’s outstanding common stock, par value $0.01 per share. This new program will commence immediately and is expected to be completed over the next 12 months. As of December 3, 2015, Amtech had approximately 13.2 million shares of common stock outstanding.
Fokko Pentinga, President and Chief Executive Officer of Amtech, commented, “At current price levels, we believe Amtech’s common stock represents an attractive investment opportunity for the Company. We also believe we can continue to invest in the initiatives that are key to our future success as well as enhance the value of our Company by repurchasing common stock under this program.”
Under the program, shares may be repurchased from time to time in open market transactions at prevailing market prices or in privately negotiated purchases in accordance with federal securities laws. The actual timing, number, and value of shares repurchased under the program will be determined by management in its sole discretion and will depend on a variety of factors, such as market price, corporate and regulatory requirements, alternative investment opportunities, and other market and economic conditions. Repurchases under the program will be funded from available working capital. The program may be commenced, suspended or terminated at any time, or from time to time at management’s discretion and without prior notice.