Rambus announces $50M accelerated share repurchase program

Rambus announced that it initiated an accelerated share repurchase program with Royal Bank of Canada, through its agent RBC Capital Markets to repurchase an aggregate of approximately $50M of its common stock. Under the accelerated share repurchase program, Rambus will pre-pay $50M to Dealer and receive an initial delivery of approximately 675,000 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 first quarter of 2024.