Exhibit 99.1
Rambus Initiates Accelerated Share Repurchase Program
September 12, 2022 9:00 AM Eastern Daylight Time
SAN JOSE, Calif. —(BUSINESS WIRE)— Rambus Inc. (NASDAQ: RMBS), a provider of industry-leading chips and silicon IP making data faster and safer, today announced that it initiated an accelerated share repurchase program with Wells Fargo Bank, National Association (“Wells Fargo Bank”), to repurchase an aggregate of approximately $100 million of its common stock, with an initial delivery of approximately 3.1 million shares.
“As part of our strategic approach to capital allocation, this program demonstrates our confidence in the future growth of the company, and highlights our continuing ability to invest in critical products and technologies while delivering long-term value to our stockholders,” said Luc Seraphin, president and chief executive officer at Rambus.
Under the accelerated share repurchase program, Rambus will pre-pay to Wells Fargo Bank the $100 million purchase price for its common stock and, in turn, Rambus will receive an initial delivery of approximately 3.1 million shares of its common stock from Wells Fargo Bank within the first week of the program. The number of shares to be purchased ultimately by Rambus will be determined based on the volume-weighted average price of Rambus common stock during the terms of the transaction, minus an agreed upon discount between the parties. The program is expected to be completed within four months.
The accelerated share repurchase program is part of the broader share repurchase program previously authorized by the Rambus Board of Directors.
