Check Point Software Announces Two Billion Dollar Expansion of Share Repurchase Program
Check Point Software Technologies (NASDAQ: CHKP) has announced a significant $2 billion expansion of its share repurchase program, allowing for up to $325 million in shares to be repurchased each quarter. Since the inception of the program in February 2020, approximately 188 million shares have been repurchased for $11.1 billion. The company aims to enhance shareholder value through this initiative, which may involve open market or privately negotiated transactions. The repurchase is expected to be funded from available working capital.
- Expansion of share repurchase program by $2 billion.
- Potential to repurchase $325 million in shares each quarter.
- Enhances shareholder value by reducing outstanding shares.
- None.
SAN CARLOS, Calif., Aug. 05, 2021 (GLOBE NEWSWIRE) -- Check Point® Software Technologies Ltd. (NASDAQ: CHKP), a leading provider of cyber security solutions globally, today announced that its board of directors has authorized a
As of June 30, 2021, Check Point has approximately 133 million ordinary shares outstanding. Since the beginning of the share repurchase program, Check Point has repurchased approximately 188 million shares for a total purchase price of approximately
Share purchases under the extended repurchase program will take place in open market transactions or in privately negotiated transactions and may be made from time to time depending on market conditions, share price, trading volume, and other factors. Such purchases will be made in accordance with applicable U.S. securities laws and regulations. For all or a portion of the authorized repurchase amount, Check Point may enter into a plan that is compliant with Rule 10b5-1 of the United States Securities Exchange Act of 1934 that is designed to facilitate these purchases. The repurchase program does not require Check Point to acquire a specific number of shares, and may be suspended from time to time or discontinued. The share repurchases are expected to be funded from available working capital.
About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading provider of cyber security solutions to corporate enterprises and governments globally. Check Point Infinity´s portfolio of solutions protects enterprises and public organizations from 5th generation cyber-attacks with an industry leading catch rate of malware, ransomware and other threats. Infinity comprises three core pillars delivering uncompromised security and generation V threat prevention across enterprise environments: Check Point Harmony, for remote users; Check Point CloudGuard, to automatically secure clouds; and Check Point Quantum, to protect network perimeters and datacenters, all controlled by the industry’s most comprehensive, intuitive unified security management. Check Point protects over 100,000 organizations of all sizes.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to statements related to our expectations regarding Check Point’s share repurchase program and the updated share repurchase program. Check Point’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include our ability to continue to develop platform capabilities and solutions; customer acceptance and purchase of our existing solutions and new solutions; the market for IT security continuing to develop; competition from other products and services; general market, political, economic and business conditions; the market conditions, share price, trading volume of Check Point’s ordinary shares; Check Point’s strategic decisions regarding use of capital; and Check Point’s working capital available for share repurchases. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including Check Point’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 2, 2021. The forward-looking statements in this press release are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forward-looking statements, except as required by law.
©2021 Check Point Software Technologies Ltd. All rights reserved.
| INVESTOR CONTACT: | MEDIA CONTACT: |
| Kip E. Meintzer | Gil Messing |
| Check Point Software Technologies | Check Point Software Technologies |
| +1.650.628.2040 | +1.650.628.2260 |
| ir@checkpoint.com | press@checkpoint.com |
FAQ
What is the amount of Check Point's expanded share repurchase program?
How much does Check Point plan to repurchase each quarter?
What has been the total purchase price of shares repurchased by Check Point since the program started?
When is the share repurchase program expected to be completed?
How will the share repurchases be funded?
