SANTA
CLARA, Calif., March 7,
2024 /PRNewswire/ -- Marvell Technology, Inc.
(NASDAQ: MRVL), a leader in data infrastructure semiconductor
solutions, today announced that its Board of Directors has
authorized a $3 billion addition to the balance of its
existing stock repurchase program, increasing the total current
repurchase authority to approximately $3.3 billion. This
$3 billion increase is the largest
repurchase authorization in our history.
Marvell's existing share repurchase program had
approximately $299 million of repurchase authority
remaining as of the fiscal year ended February 3, 2024. Under the program authorized by
its Board of Directors, Marvell may repurchase stock in the
open-market or through privately negotiated transactions. The
extent to which Marvell repurchases its stock 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. For
other factors that could cause Marvell's results to vary from
expectations, please see the risk factors identified Marvell's
Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q as
filed with the SEC from time to time. Marvell undertakes no
obligation to revise or update publicly any forward-looking
statements.
About Marvell
To deliver the data infrastructure technology that connects the
world, we're building solutions on the most powerful foundation:
our partnerships with our customers. Trusted by the world's leading
technology companies for over 25 years, we move, store, process and
secure the world's data with semiconductor solutions designed for
our customers' current needs and future ambitions. Through a
process of deep collaboration and transparency, we're ultimately
changing the way tomorrow's enterprise, cloud, automotive, and
carrier architectures transform—for the better.
Marvell and the Marvell logo are registered trademarks of
Marvell and/or its affiliates.
For further information, contact:
Ashish Saran
Senior Vice President, Investor Relations
408-222-0777
ir@marvell.com
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SOURCE Marvell