SANTA CLARA, Calif.,
Oct. 16, 2018 /PRNewswire/
-- Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in
infrastructure semiconductor solutions, today announced that its
Board of Directors has authorized a $700
million addition to the balance of its existing share
repurchase program, increasing the total current repurchase
authority to $1 billion.
Marvell's existing share repurchase program had approximately
$307 million of repurchase authority
remaining as of October 12, 2018.
Under the program authorized by its Board of Directors, Marvell
may repurchase shares in the open-market or through privately
negotiated transactions. The extent to which Marvell repurchases
its shares and the timing of such repurchases will depend upon
market conditions and other corporate considerations, as determined
by Marvell's management team. The repurchase program may be
suspended or discontinued at any time.
Forward-Looking Statements under the Private Securities
Litigation Reform Act of 1995
This press release contains forward-looking statements within
the meaning of the federal securities laws that involve risks and
uncertainties. Words such as "anticipates," "expects," "intends,"
"plans," "projects," "believes," "seeks," "estimates," "can,"
"may," "will," "would" and similar expressions identify such
forward-looking statements. These statements are not guarantees of
results and should not be considered as an indication of future
activity or future performance. Actual events or results may differ
materially from those described in this press release due to a
number of risks and uncertainties, including, but not limited to:
the amount, timing and execution of Marvell's stock repurchase
program; and other risks detailed in Marvell's SEC filings from
time to time. For other factors that could cause Marvell's results
to vary from expectations, please see the risk factors identified
in Marvell's Quarterly Report on Form 10-Q for the fiscal quarter
ended August 4, 2018 as filed with
the SEC on September 12, 2018, and
other factors detailed from time to time in Marvell's filings with
the SEC. Marvell undertakes no obligation to revise or update
publicly any forward-looking statements.
About Marvell
Marvell first revolutionized the digital storage industry by
moving information at speeds never thought possible. Today, that
same breakthrough innovation remains at the heart of the company's
storage, processing, networking, security and connectivity
solutions. With leading intellectual property and deep system-level
knowledge, Marvell's semiconductor solutions continue to transform
the enterprise, cloud, automotive, industrial, and consumer
markets. To learn more,
visit: https://www.marvell.com/
Marvell and the Marvell logo are registered
trademarks of Marvell and/or its affiliates.
For further information, contact:
Ashish Saran
Vice President, Investor Relations
408-222-0777
ir@marvell.com
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SOURCE Marvell Technology Group Ltd.