Nova Announces $100M Share Repurchase Program

Rhea-AI Summary

Nova announced a $100 million share repurchase program, reflecting confidence in its long-term growth and commitment to enhance shareholder value. Funded by available cash, repurchases will occur through open market purchases, with decisions guided by market conditions. CEO Eitan Oppenhaim highlighted the program, alongside recent acquisitions, as a strategic move to bolster Nova's investment in profitable growth and technology diversification. Nova continues to be a leader in metrology solutions for the semiconductor industry.

Positive

• Authorized a $100 million share repurchase program to enhance shareholder value.
• Strong cash position allows for continued investment in profitable growth and new technologies.
• Recent acquisition of ancosys demonstrates commitment to expanding market offerings.

Negative

• None.

REHOVOT, Israel, March 7, 2022 /PRNewswire/ -- Nova (Nasdaq: NVMI) today announced that its board of directors authorized a $100 million share repurchase program.

Share repurchases, if any, will be funded with available cash. Repurchases of the Company's ordinary shares will be made through open market purchases at prevailing market prices. The timing, volume and nature of share repurchases are subject to market prices and conditions, applicable securities laws and other factors, and are at the discretion of the Company's board of directors. Share repurchases may be commenced, suspended, or discontinued at any time.

"The announced share repurchase program reflects our confidence in Nova's long term growth potential and our commitment to enhancing shareholders' value," said Eitan Oppenhaim, President and Chief Executive Officer of Nova. "As evidenced by our recent acquisition of ancosys, our strong cash position allows us to expand our investment in the company's profitable growth while we continue to pursue new technologies, diversify our portfolio and execute our strategic plans."

About Nova

Nova is a leading innovator and key provider of material, optical and chemical metrology solutions for advanced process control in semiconductor manufacturing. Nova delivers continuous innovation by providing state-of-the-art high-performance metrology solutions for effective process control throughout the semiconductor fabrication lifecycle. Nova's product portfolio, which combines high-precision hardware and cutting-edge software, provides its customers with deep insight into developing and producing the most advanced semiconductor devices. Nova's unique capability to deliver innovative solutions enables its customers to improve performance, enhance product yields and accelerate time to market. Nova acts as a partner to semiconductor manufacturers from its offices worldwide. Additional information may be found at Nova's website link - https://www.novami.com/.

Nova is traded on Nasdaq & TASE, Nasdaq ticker symbol NVMI.

Forward looking statement:

This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding, but not limited to, anticipated growth opportunities and projections about our business and its future revenues, expenses and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to, the following: catastrophic events such as the outbreak of COVID-19; increased information technology security threats and sophisticated computer crime; foreign political and economic risks; changes in global trade policies; inability to protect intellectual property; open source technology exposure; failure to compete effectively or to respond to the rapid technological changes; consolidation in our industry; difficulty to predict the length and strength of any downturn or expansion period of the market we target; risks associated with violations of environmental, safety and health regulations; factors that adversely affect the pricing and demand for our product lines; dependency on a small number of large customers; dependency on a single manufacturing facility per product line; dependency on a limited number of suppliers; difficulty to  integrate current or future acquisitions; lengthy sales cycle and customer delays in orders; failures to attract, recruit and retain qualified employees due to intense competition for highly skilled personnel; political, economic, and military instability in Israel; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading "Risk Factors" in Nova's Annual Report on Form 20-F for the year ended December 31, 2021 filed with the Securities and Exchange Commission on March 1, 2022. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.

Company Contact:
Dror David, Chief Financial Officer
Tel: +972-73-229-5760
E-mail: investors@novami.com
Nova Website Link - https://www.novami.com/

Investor Relations Contact:
Miri Segal
MS-IR LLC
Tel: +917-607-8654
E-mail: msegal@ms-ir.com

Logo - https://mma.prnewswire.com/media/1446151/Nova_Logo.jpg

 

 

View original content:https://www.prnewswire.com/news-releases/nova-announces-100m-share-repurchase-program-301496530.html

SOURCE Nova

FAQ

What is the purpose of Nova's $100 million share repurchase program?

The program aims to enhance shareholder value by repurchasing ordinary shares on the open market.

When was the share repurchase program for Nova announced?

The share repurchase program was announced on March 7, 2022.

How will the share repurchase program be funded?

The repurchase will be funded using Nova's available cash.

What is the expected impact of the share buyback on NVMI's stock price?

While the exact impact is uncertain, share buybacks generally support stock prices by reducing supply and signaling confidence in the company's future.