WISeKey’s Board of Directors has given principal approval of a share buyback program
Geneva (Switzerland), June 18th, 2019 – WISeKey International Holding Ltd, (WIHN.SW) (“WISeKey”), a Swiss based cybersecurity and Internet-of-Things company, announced today that its Board of Directors approved in principle a share buyback program not exceeding 10% of the Company’s share capital or voting rights.
The shares would be repurchased for purposes of cancellation. Any share buyback program is subject to prior completion of the applicable regulatory reporting procedure or, as the case may be, prior regulatory approval, in particular by the Swiss Takeover Board. Any share buyback program, once regulatory approval has been obtained and launched, may be suspended or discontinued at any time for various reasons, including to explore a potential acquisition opportunity.
The Board of Directors’ authorization of a stock repurchase program reflects its confidence in the long-term value of WISeKey’s market position, its financial performance and substantial growth opportunities. The Company intends to fund the repurchase program from currently available funds, which as at May 31, 2019 were approximately USD25 million.
The timing of the launch of the share buyback program, and the timing and number of shares to be repurchased, will depend on a variety of factors, including market conditions (such as price and trading volume), the Company’s working capital requirements, general business conditions and alternative investment opportunities.
We believe that, as a global cybersecurity and IoT player, WISeKey is well positioned to take advantage of substantial opportunities in the cybersecurity and IoT market and to continue its growth strategy, both organically and through acquisitions. We are committed to building long-term value for our shareholders.
WISeKey (SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large scale digital identity ecosystems for people and objects using Blockchain, AI and IoT respecting the Human as the Fulcrum of the Internet. WISeKey Microprocessors Secures the pervasive computing shaping today’s Internet of Everything. WISeKey IoT has an install base of over 1.5 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens etc.). WISeKey is uniquely positioned to be at the edge of IoT as our semiconductors produce a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications to predict the failure of their equipment before it happens.
Our technology is Trusted by the OISTE/WISeKey’s Swiss based cryptographic Root of Trust (“RoT”) provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit www.wisekey.com.
Press and investor contacts:
|WISeKey International Holding Ltd
Company Contact: Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
|WISeKey Investor Relations (US)
Contact: Lena Cati
The Equity Group Inc.
Tel: +1 212 836-9611
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.