LOS ALTOS, CALIF. (AP) - Chipmaker Rambus Inc. said Thursday that it has initiated a share repurchase program for about $90 million worth of its common stock.
In an agreement with JPMorgan Chase & Co., Rambus will prepay JPMorgan $90 million and be delivered shares that are bought over one to four months after subtracting fees.
Rambus Chief Financial Officer Satish Rishi said the repurchase program demonstrates the company’s confidence in its long-term prospects and its commitment to shareholder value.
Rambus shares rose 20 cents, or 1 percent, to $18.95 in after-hours trading Thursday, after closing down 30 cents, or 1.6 percent, to end the regular session at $18.75.
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