PCTEL has terminated its previously announced share repurchase program. The board of directors does not intend to modify the company’s dividend policy, PCTEL said.
“Given the uncertainty surrounding the COVID-19 virus and its impact on economic and market conditions, the board determined that it is prudent to terminate the share repurchase program,” said David Neumann, CEO of PCTEL. “Maintaining our strong balance sheet will allow PCTEL flexibility to address the unique and evolving challenges presented by the COVID-19 situation.”
In addition, PCTEL also terminated a plan pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, that was in place to facilitate market repurchases.
According to PCTEL, under the now-terminated repurchase program, it repurchased approximately 375,000 shares of common stock for an aggregate purchase price of approximately $2 million. Following these repurchases, it had approximately 18.5 million shares of common stock outstanding, the company said.
PCTEL is a provider of wireless technology, including industrial IoT devices, antenna systems, and test and measurement solutions.