UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 8.01. Other Events
On November 1, 2022, the Board of Directors of Silicon Laboratories Inc. (“Silicon Laboratories”) increased the authorization amount of its share repurchase program to $500 million of Silicon Laboratories common stock for the period from August 30, 2022 through December 30, 2023 (representing a $50 million increase over the $450 million previously authorized). The program allows for repurchases to be made in the open market or in private transactions, including structured or accelerated transactions, subject to applicable legal requirements and market conditions. A copy of the press release is attached as Exhibit 99 to this report.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
| 99 | Press Release of Silicon Laboratories Inc. dated November 1, 2022 |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SILICON LABORATORIES INC. | ||
| November 1, 2022 | /s/ John C. Hollister | |
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Date |
John C. Hollister Senior Vice President and (Principal Financial Officer) |
Exhibit 99
NEWS RELEASE
Silicon Labs’ Board of Directors Authorizes Additional $50 Million to Existing Share Repurchase Program
AUSTIN, Texas – November 1, 2022 – Silicon Labs (NASDAQ: SLAB), a leader in secure, intelligent wireless technology for a more connected world, today announced its board of directors has increased the authorization for repurchase of the company's common stock by an additional $50 million. Originally announced on July 27, 2022, and subsequently increased on August 29, 2022, the stock repurchase program has a remaining authorized amount of $300 million, inclusive of this incremental $50 million. The authorization remains in effect until December 30, 2023.
“Silicon Labs’ proven cash generation capability and strong liquidity position provide the company flexibility to invest in future growth while returning capital to its shareholders through ongoing share repurchases,” said John Hollister, Senior Vice President and Chief Financial Officer at Silicon Labs.
Silicon Labs
Silicon Labs (NASDAQ: SLAB) is a leader in secure, intelligent wireless technology for a more connected world. Our integrated hardware and software platform, intuitive development tools, thriving ecosystem, and robust support make us an ideal long-term partner in building advanced industrial, commercial, home and life applications. We make it easy for developers to solve complex wireless challenges throughout the product lifecycle and get to market quickly with innovative solutions that transform industries, grow economies, and improve lives. silabs.com
Note to editors: Silicon Laboratories, Silicon Labs, the “S” symbol, the Silicon Laboratories logo and the Silicon Labs logo are trademarks of Silicon Laboratories Inc. All other product names noted herein may be trademarks of their respective holders.
CONTACT: Silicon Labs, Thomas Haws, Investor Relations Manager Thomas.Haws@silabs.com
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