Synopsys Initiates $175 Million Accelerated Share Repurchase Agreement
Synopsys, Inc. (Nasdaq: SNPS) announced an accelerated share repurchase (ASR) agreement with HSBC Bank USA to buy back $175 million of its stock. The initial share delivery is approximately 431,000 shares, with the final number to be settled by November 24, 2021. The ASR will be based on Synopsys' average daily volume-weighted share prices, discounted. This move reflects the company's commitment to enhancing shareholder value through strategic capital allocation.
- Initiated a $175 million accelerated share repurchase, enhancing shareholder value.
- Approximately 431,000 shares to be repurchased initially, indicating strong capital management.
- Settlement dependent on market price fluctuations, introducing uncertainty.
- Potential risks related to HSBC's ability to purchase or borrow shares.
MOUNTAIN VIEW, Calif., Aug. 26, 2021 /PRNewswire/ -- Synopsys, Inc. (Nasdaq: SNPS) today announced that it has entered into an accelerated share repurchase agreement (ASR) with HSBC Bank USA, National Association to repurchase an aggregate of
Under the terms of the ASR, Synopsys will receive an aggregate initial share delivery of approximately 431,000 shares, with the remainder, if any, to be settled on or before November 24, 2021, upon completion of the repurchases. The specific number of shares that Synopsys ultimately repurchases under the ASR will be based on the average of Synopsys' daily volume-weighted average share prices during the repurchase period, less a discount.
About Synopsys
Synopsys, Inc. (Nasdaq: SNPS) is the Silicon to Software™ partner for innovative companies developing the electronic products and software applications we rely on every day. As an S&P 500 company, Synopsys has a long history of being a global leader in electronic design automation (EDA) and semiconductor IP and offers the industry's broadest portfolio of application security testing tools and services. Whether you're a system-on-chip (SoC) designer creating advanced semiconductors, or a software developer writing more secure, high-quality code, Synopsys has the solutions needed to deliver innovative products. Learn more at www.synopsys.com.
Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding the expected settlement of the ASR. Forward-looking statements are subject to both known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties include, among others: the market price of Synopsys common stock during the repurchase period; the ability of HSBC Bank USA, National Association to buy or borrow shares of Synopsys common stock; and the impact of global and regional economic and market conditions, including illiquidity and other risks of instability in the banking and financial services industry. Other risks and uncertainties that may apply are set forth in the Risk Factors section of Synopsys' most recently filed Quarterly Report on Form 10-Q. Synopsys assumes no obligation to update any forward-looking statement contained in this press release.
INVESTOR CONTACT:
Lisa L. Ewbank
Synopsys, Inc.
650-584-1901
Synopsys-ir@synopsys.com
EDITORIAL CONTACT:
Simone Souza
Synopsys, Inc.
650-584-6454
simone@synopsys.com
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SOURCE Synopsys, Inc.
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