Exhibit 99.1
Rambus Initiates $100 Million Accelerated Share Repurchase Program
NEWS PROVIDED BY
Rambus Inc.
August 11, 2023, 09:00 ET
SAN JOSE, Calif., August 11, 2023 /PRNewswire/ — Rambus Inc. (NASDAQ: RMBS), a premier chip and silicon IP provider making data faster and safer, today announced that it initiated an accelerated share repurchase program with Royal Bank of Canada, through its agent RBC Capital Markets, LLC, to repurchase an aggregate of approximately $100 million of its common stock.
“This program is part of our strategic approach to capital allocation and demonstrates our confidence in the long-term growth of the company,” said Luc Seraphin, president and chief executive officer at Rambus. “Our robust balance sheet and strong cash generation allow us to consistently deliver value to our stockholders.”
Under the accelerated share repurchase program, Rambus will pre-pay $100 million to Royal Bank of Canada and receive an initial delivery of approximately 1.6 million shares of its common stock within the first week of the program. The final number of shares to be repurchased will be determined based on the volume-weighted average price of Rambus common stock during the terms of the transaction, less a discount. The program is expected to be completed by the end of the third quarter of 2023.
The accelerated share repurchase program is part of the broader share repurchase program previously authorized by the Rambus Board of Directors.
