TASER authorizes stock buy-back program
TASER International, Inc., headquartered in Scottsdale, announced that the Board of Directors approved a stock buy-back program authorizing the company to purchase up to $30 million of the company’s common stock; subject to SEC regulations, stock market conditions and corporate considerations.
TASER anticipates adopting a stock trading plan (the “Plan”) established in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “1934 Act”). Rule 10b5-1 allows companies to adopt written, pre-arranged stock trading plans when they do not have material, non-public information. The Company also anticipates that purchases under the Plan will be made in the open market, through block trades, or otherwise, and are anticipated to be made in compliance with Rule 10b-18 under the 1934 Act. The actual amount of shares purchased, if any, will be based on working capital requirements.
“We believe that the Company’s strong cash position together with its cash generation capabilities and substantial growth prospects justify a stock buy-back program to return cash to stockholders,” stated Rick Smith, Founder and CEO of TASER. “As we continue to invest in new business growth opportunities we believe the repurchase of our stock represents another attractive investment opportunity before us at this time. We are pleased that our sound balance sheet enables us to efficiently return capital to our stockholders.”
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Graphics courtesy of TASER