iRobot Corp., a leader in delivering robotic technology-based solutions, announced today that its Board of Directors has authorized a new share repurchase program to mitigate the dilutive impact of shares issued under the company's various employee stock and stock option plans.
The company may purchase up to one million shares of its common stock beginning January 4, 2016 through December 31, 2016. This program replaces the current plan which will end January 3, 2016.
Under the new anti-dilutive program, iRobot management is authorized to repurchase shares of common stock through open market and privately negotiated transactions, at times and in such amounts as deemed appropriate, including pursuant to one or more Rule 10b5-1 trading plans adopted in accordance with Rule 10b5-1 of the Securities and Exchange Act of 1934. The company may choose to suspend or discontinue the repurchase program at any time but cannot carry over unused authorization amounts to future periods. As of September 26, 2015, iRobot had 29.7 million shares of common stock outstanding.
"The Board's authorization of this share repurchase program further demonstrates the company's continued confidence in the business outlook and its interest in addressing the dilutive impact of shares issued under employee compensation plans," said Colin Angle, iRobot chairman and chief executive officer.