Catalyst Semiconductor Inc. (Sunnyvale, CA) announced that its board of directors has authorized the repurchase of up to 1.5 million shares of the company's common stock. The company currently has approximately 17.8 million shares outstanding.
Depending on market conditions, availability and other factors, repurchases may be made from time to time, at the management's discretion, in the open market and in negotiated transactions, including block transactions, with purchases undertaken or suspended without prior notice to protect the interests of all Catalyst shareholders.
Radu Vanco, the company's CEO, stated, "The board's decision to begin this program was made in view of the prices at which the company's common stock has recently traded, which we believe do not reflect the true long-term value of the company to shareholders."
