September 29, 2020 |
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September 29, 2020– Comtech Telecommunications Corp. (NASDAQ: CMTL) today announced that its Board of Directors has authorized a new $100.0 million share repurchase program pursuant to which the Company may repurchase shares of its common stock from time to time in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws.
“Authorizing the use of our strong balance sheet for share repurchases demonstrates our confidence in the underlying value of our stock and our commitment to providing long-term value for our stockholders,” commented Fred Kornberg, Chairman and Chief Executive Officer of the Company.
Any repurchased shares will be available for various corporate purposes. There can be no assurance of how many shares will be repurchased, and the repurchase program may be suspended or discontinued at any time. The actual timing, number and value of shares repurchased under the program
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