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Identiv Announces $10 Million Stock Repurchase Program and Proposes Corporate Governance Enhancements

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Identiv (NASDAQ: INVE), a global leader in RFID-enabled IoT solutions, announced a $10 million stock repurchase program. This reflects the Board's confidence in the company's new growth strategy and belief that shares are undervalued. The program is open-ended and will be funded from existing cash or future cash flow. As of September 30, 2024, Identiv had over $145 million in cash and equivalents and 23,873,249 shares outstanding.

The Board also plans to propose corporate governance enhancements before the 2025 annual meeting. These include eliminating the classified Board structure, requiring directors who don't receive majority votes to consider resignation, and eliminating option repricing in the stock incentive plan. The Board is recruiting new directors with complementary expertise to guide the company's transition.

Identiv (NASDAQ: INVE), leader globale nelle soluzioni IoT abilitati RFID, ha annunciato un programma di riacquisto di azioni da 10 milioni di dollari. Questo riflette la fiducia del Consiglio nella nuova strategia di crescita dell'azienda e la convinzione che le azioni siano sottovalutate. Il programma è aperto e sarà finanziato con liquidità esistente o flussi di cassa futuri. Al 30 settembre 2024, Identiv aveva oltre 145 milioni di dollari in liquidità e equivalenti e 23.873.249 azioni in circolazione.

Il Consiglio prevede anche di proporre migliorie alla governance aziendale prima dell'assemblea annuale del 2025. Queste includono l'eliminazione della struttura del Consiglio classificato, la richiesta ai membri del Consiglio che non ricevono voti di maggioranza di considerare le dimissioni e l'eliminazione della riallocazione dei diritti nelle opzioni del piano di incentivazione azionaria. Il Consiglio sta reclutando nuovi membri con competenze complementari per guidare la transizione dell'azienda.

Identiv (NASDAQ: INVE), líder global en soluciones IoT habilitadas para RFID, anunció un programa de recompra de acciones de 10 millones de dólares. Esto refleja la confianza de la Junta en la nueva estrategia de crecimiento de la empresa y la creencia de que las acciones están subestimadas. El programa no tiene fecha de finalización y será financiado con efectivo existente o flujos de efectivo futuros. A partir del 30 de septiembre de 2024, Identiv tenía más de 145 millones de dólares en efectivo y equivalentes y 23,873,249 acciones en circulación.

La Junta también planea proponer mejoras en la gobernanza corporativa antes de la reunión anual de 2025. Esto incluye la eliminación de la estructura de Junta clasificada, la exigencia de que los directores que no reciban votos de mayoría consideren la renuncia, y la eliminación de la revaloración de opciones en el plan de incentivos de acciones. La Junta está reclutando nuevos directores con experiencia complementaria para guiar la transición de la empresa.

Identiv (NASDAQ: INVE), RFID 지원 IoT 솔루션의 글로벌 리더, 1천만 달러 규모의 자사주 매입 프로그램을 발표했습니다. 이는 이사회가 회사의 새로운 성장 전략에 대한 신뢰와 주식이 과소평가되어 있다고 믿음을 반영합니다. 이 프로그램은 개방형이며, 기존 현금 또는 미래 현금 흐름으로 자금을 지원할 것입니다. 2024년 9월 30일 기준으로 Identiv는 1억 4천 5백만 달러 이상의 현금 및 현금성 자산과 2,387만 3,249주의 유통 주식을 보유하고 있었습니다.

이사회는 또한 2025년 연례 회의 전에 기업 거버넌스 개선안을 제안할 계획입니다. 여기에는 분류된 이사회 구조의 제거, 다수결 투표를 받지 않는 이사가 사임을 고려하도록 요구하는 사항, 그리고 주식 인센티브 계획에서 옵션 재조정의 제거가 포함됩니다. 이사회는 회사의 전환을 안내할 보완 전문성을 갖춘 새로운 이사를 모집하고 있습니다.

Identiv (NASDAQ: INVE), un leader mondial des solutions IoT RFID, a annoncé un programme de rachat d'actions de 10 millions de dollars. Cela reflète la confiance du Conseil dans la nouvelle stratégie de croissance de l'entreprise et la conviction que les actions sont sous-évaluées. Le programme est ouvert et sera financé par des liquidités existantes ou des flux de trésorerie futurs. Au 30 septembre 2024, Identiv disposait de plus de 145 millions de dollars en liquidités et équivalents et de 23 873 249 actions en circulation.

Le Conseil prévoit également de proposer des améliorations de la gouvernance d'entreprise avant l'assemblée générale de 2025. Cela comprend l'élimination de la structure de Conseil classifié, l'exigence que les administrateurs qui ne reçoivent pas de votes majoritaires envisagent de démissionner, et l'élimination du réajustement des options dans le plan d'incitation à l'actionnariat. Le Conseil recrute de nouveaux administrateurs ayant une expertise complémentaire pour guider la transition de l'entreprise.

Identiv (NASDAQ: INVE), ein globaler Marktführer für RFID-fähige IoT-Lösungen, hat ein Aktienrückkaufprogramm über 10 Millionen Dollar angekündigt. Dies spiegelt das Vertrauen des Vorstands in die neue Wachstumsstrategie des Unternehmens wider und die Überzeugung, dass die Aktien unterbewertet sind. Das Programm ist unbegrenzt und wird aus vorhandenen Barmitteln oder zukünftigen Cashflows finanziert. Zum 30. September 2024 hatte Identiv über 145 Millionen Dollar in Barmitteln und flüssigen Mitteln sowie 23.873.249 ausstehende Aktien.

Der Vorstand plant auch, vor der Hauptversammlung 2025 Verbesserungen der Unternehmensführung vorzuschlagen. Dazu gehört die Abschaffung der klassifizierten Vorstandsstruktur, die Anforderung, dass Direktoren, die keine Mehrheitsstimmen erhalten, ihren Rücktritt in Betracht ziehen, sowie die Abschaffung der Neuausrichtung von Optionen im Aktienanreizplan. Der Vorstand rekrutiert neue Direktoren mit komplementärer Expertise, um den Übergang des Unternehmens zu leiten.

Positive
  • $10 million stock repurchase program authorized.
  • Board's confidence in new growth strategy.
  • Over $145 million in cash and equivalents.
  • Proposed corporate governance enhancements.
Negative
  • None.

Insights

The $10 million stock buyback program represents approximately 11.6% of Identiv's market cap, signaling strong confidence from management in the company's valuation and future prospects. With $145 million in cash reserves, the company maintains substantial financial flexibility for both the buyback and growth initiatives. The open-ended nature of the program and flexible implementation approach provide strategic advantages in timing purchases.

The proposed governance changes, including declassification of the board and majority voting requirements, align with modern corporate governance best practices and could attract institutional investors. These changes, combined with the elimination of option repricing, demonstrate a commitment to shareholder-friendly policies and could help reduce the stock's current valuation discount.

SANTA ANA, Calif.--(BUSINESS WIRE)-- Identiv, Inc. (NASDAQ: INVE), a global leader in RFID-enabled Internet of Things (IoT) solutions, today announced that its Board of Directors has authorized a stock repurchase program for up to $10 million of its common stock. The Company also announced its Board of Directors intends to propose changes to the Company’s corporate governance policies in advance of the 2025 annual meeting of stockholders.

Stock Repurchase Program

"The stock repurchase program reflects the Board’s confidence in Identiv’s new growth strategy and our belief that our shares are currently undervalued relative to the long-term potential of our specialty IoT solutions business," said James Ousley, Chairman of the Board. “With our strong balance sheet, we are able to repurchase shares while maintaining sufficient cash resources to invest in our organic and inorganic growth initiatives."

Under the stock repurchase program, shares may be purchased through various means, including open market purchases, through privately negotiated transactions or otherwise. The duration of the repurchase program is open-ended. The timing and amount of any repurchase of common stock will depend on a number of factors, including stock price, trading volume, and general market conditions, along with Identiv’s working capital requirements, general business conditions and other factors. The repurchase program may be suspended or discontinued at any time without notice.

Repurchases under the stock repurchase program will be funded from the Company’s existing cash and cash equivalents or future cash flow. As of September 30, 2024, the Company had 23,873,249 shares of common stock outstanding and over $145 million of cash and cash equivalents on its balance sheet.

Proposed Corporate Governance Enhancements

In addition, to better align with Identiv’s new strategic direction and the interests of its stockholders, the Board plans to recommend several updates to the Company’s corporate governance policies and procedures in advance of Identiv’s 2025 annual meeting of stockholders. The Board intends to recommend the following changes:

  • Solicit stockholder approval to eliminate the Company’s classified Board structure
  • Consider the resignation of any director who does not receive a majority vote in uncontested elections

In addition, the Board has amended the Company’s stock incentive plan to eliminate the ability to reprice options.

In conjunction with these proposals, the Board is actively recruiting director candidates with deep, complementary expertise to help guide Identiv through its business transition.

"As the business transition progresses, the Board believes these corporate governance changes will best serve Identiv and our stockholders,” added Ousley. “We look forward to providing more details on these proposals ahead of the 2025 annual meeting.”

About Identiv

Identiv’s full-circle RFID-enabled IoT solutions create digital identities for physical objects, enhancing global connectivity for businesses, people, and the planet. Its solutions, integrated into over 1.5 billion applications worldwide, drive innovation across healthcare, consumer electronics, luxury goods, smart packaging, and more. For additional information, visit identiv.com.

Note Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations as well as the current beliefs and assumptions of management of Identiv and can be identified by words such as “anticipate,” “believe,” “continue,” “plan,” “will,” “intend,” “expect,” “outlook,” and similar references to the future. Any statement that is not a historical fact is a forward-looking statement, including statements regarding: Identiv’s beliefs regarding its growth strategy and the value of its common stock relative to the long-term potential of its business; the Company’s beliefs regarding updates to its corporate governance policies; the Company’s beliefs regarding its ability to fund growth; and Identiv’s expectations relating to the growth of its IoT business. Forward-looking statements are only predictions and are subject to a number of risks and uncertainties, many of which are outside Identiv’s control, which could cause actual results to differ materially and adversely from those expressed in any forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: Identiv’s ability to continue the momentum in its business; Identiv’s ability to successfully execute its business strategy; Identiv’s ability to capitalize on trends in its business; Identiv’s ability to satisfy customer demand and expectations; the level and timing of customer orders and changes/cancellations; the loss of customers, suppliers or partners; the success of Identiv’s products and strategic partnerships; the risk that the Company may not implement the updates to its corporate governance policies or may implement other updates; and the other factors discussed in its periodic reports, including its Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 and subsequent reports filed with the Securities and Exchange Commission. All forward-looking statements are based on information available to Identiv on the date hereof, and Identiv assumes no obligation to update such statements.

Identiv Investor Relations Contact:

IR@identiv.com

Source: Identiv, Inc.

FAQ

What is the value of Identiv's stock repurchase program?

Identiv's stock repurchase program is valued at $10 million.

Why is Identiv repurchasing its stock?

The stock repurchase reflects the Board's confidence in the company's growth strategy and belief that the shares are undervalued.

How will Identiv fund the stock repurchase program?

The repurchase will be funded from Identiv's existing cash and cash equivalents or future cash flow.

What corporate governance changes is Identiv proposing?

Identiv plans to eliminate its classified Board structure, require directors who don't receive majority votes to consider resignation, and eliminate option repricing in the stock incentive plan.

When will Identiv propose the corporate governance changes?

The corporate governance changes will be proposed in advance of the 2025 annual meeting of stockholders.

Identive, Inc.

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