Ambarella authorized extension of duration of current repurchase program
Ambarella's Board of Directors has authorized an extension of the duration of the current share repurchase plan initially authorized in June 2016, to allow the repurchase of up to an aggregate of $75 million of the company's ordinary shares through June 30, 2017. As of December 1, 2016, Ambarella has repurchased a total of 405,089 shares for total cash consideration of $20.2 million. No repurchases were made under the program in the third fiscal quarter ended October 31, 2016. Repurchases under the program may be made from time-to-time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program does not obligate the company to acquire any particular amount of ordinary shares, and it may be suspended at any time at the company's discretion. The repurchase program will be funded using Ambarella's working capital.