REHOVOT, Israel, March 7, 2022 /PRNewswire/ -- Nova (Nasdaq: NVMI)
today announced that its board of directors authorized a
$100 million share repurchase
program.
Share repurchases, if any, will be funded with available cash.
Repurchases of the Company's ordinary shares will be made through
open market purchases at prevailing market prices. The timing,
volume and nature of share repurchases are subject to market prices
and conditions, applicable securities laws and other factors, and
are at the discretion of the Company's board of directors. Share
repurchases may be commenced, suspended, or discontinued at any
time.
"The announced share repurchase program reflects our confidence
in Nova's long term growth potential and our commitment to
enhancing shareholders' value," said Eitan Oppenhaim, President and
Chief Executive Officer of Nova. "As evidenced by our recent
acquisition of ancosys, our strong cash position allows us to
expand our investment in the company's profitable growth while we
continue to pursue new technologies, diversify our portfolio and
execute our strategic plans."
About Nova
Nova is a leading innovator and key provider of material,
optical and chemical metrology solutions for advanced process
control in semiconductor manufacturing. Nova delivers continuous
innovation by providing state-of-the-art high-performance metrology
solutions for effective process control throughout the
semiconductor fabrication lifecycle. Nova's product portfolio,
which combines high-precision hardware and cutting-edge software,
provides its customers with deep insight into developing and
producing the most advanced semiconductor devices. Nova's unique
capability to deliver innovative solutions enables its customers to
improve performance, enhance product yields and accelerate time to
market. Nova acts as a partner to semiconductor manufacturers from
its offices worldwide. Additional information may be found
at Nova's website link - https://www.novami.com/.
Nova is traded on Nasdaq & TASE, Nasdaq ticker symbol
NVMI.
Forward looking statement:
This press release contains forward-looking statements within
the meaning of safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 relating to future events or our
future performance, such as statements regarding, but not limited
to, anticipated growth opportunities and projections about our
business and its future revenues, expenses and profitability.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance
or achievements expressed or implied in those forward-looking
statements. Factors that may affect our results, performance,
circumstances or achievements include, but are not limited to, the
following: catastrophic events such as the outbreak of COVID-19;
increased information technology security threats and sophisticated
computer crime; foreign political and economic risks; changes in
global trade policies; inability to protect intellectual property;
open source technology exposure; failure to compete effectively or
to respond to the rapid technological changes; consolidation in our
industry; difficulty to predict the length and strength of any
downturn or expansion period of the market we target; risks
associated with violations of environmental, safety and health
regulations; factors that adversely affect the pricing and demand
for our product lines; dependency on a small number of large
customers; dependency on a single manufacturing facility per
product line; dependency on a limited number of suppliers;
difficulty to integrate current or future acquisitions;
lengthy sales cycle and customer delays in orders; failures to
attract, recruit and retain qualified employees due to intense
competition for highly skilled personnel; political, economic, and
military instability in Israel;
risks related to our convertible notes; currency fluctuations; and
quarterly fluctuations in our operating results. We cannot
guarantee future results, levels of activity, performance or
achievements. The matters discussed in this press release also
involve risks and uncertainties summarized under the heading "Risk
Factors" in Nova's Annual Report on Form 20-F for the year ended
December 31, 2021 filed with the
Securities and Exchange Commission on March
1, 2022. These factors are updated from time to time through
the filing of reports and registration statements with the
Securities and Exchange Commission. Nova Ltd. does not assume any
obligation to update the forward-looking information contained in
this press release.
Company Contact:
Dror David, Chief Financial
Officer
Tel: +972-73-229-5760
E-mail: investors@novami.com
Nova Website Link - https://www.novami.com/
Investor Relations Contact:
Miri Segal
MS-IR LLC
Tel: +917-607-8654
E-mail: msegal@ms-ir.com
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SOURCE Nova
