HOD HASHARON, Israel, Nov. 26,
2024 /PRNewswire/ -- Valens Semiconductor (NYSE:
VLN), a leader in high-performance connectivity, announced today
that its Board of Directors (the "Board") has approved a
"distribution", as defined in the Israeli Companies Law, 1999 (the
"Companies Law"), by way of a share repurchase program,
pursuant to which the Company may repurchase (buyback) an
aggregate amount of up to $10 million
of the Company's ordinary shares (the "Distribution"), subject to
the completion of required Israeli regulatory procedures.
According to Section 7C.(C) of the Companies Regulations (Relief
for Companies Whose Securities Are Listed for Trading on Foreign
Stock Exchanges) 2000, the Company's creditors may apply to the
Company and object to the Distribution, within 30 days following
its publication.
Following, and subject to, completion of the required Israeli
regulatory procedures, share repurchases under the program will be
made from time to time in open market purchases, private
transactions or other transactions as permitted by securities laws
and other legal requirements, including Rule 10b5-1 and Rule
10b-18, under the Securities Exchange
Act of 1934, as amended. The timing and amounts of any purchases
will be based on market conditions and other factors including but
not limited to price and capital availability. The program does not
require the purchase of any minimum dollar amount or number of
shares and the program may be modified, suspended or discontinued
at any time. This press release is neither an offer to purchase nor
a solicitation of an offer to buy any securities.
About Valens Semiconductor
Valens Semiconductor (NYSE:VLN) is a leader in high-performance
connectivity, enabling customers to transform the digital
experiences of people worldwide. Valens' chipsets are integrated
into countless devices from leading customers, powering
state-of-the-art audio-video installations, next-generation
videoconferencing, and enabling the evolution of ADAS and
autonomous driving. Pushing the boundaries of connectivity, Valens
sets the standard everywhere it operates, and its technology forms
the basis for the leading industry standards such as HDBaseT® and
MIPI A-PHY. For more information, visit https://www.valens.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "will,"
"expect," "anticipate," "believe," "seek," "target" or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding our share repurchase program. These statements
are based on various assumptions, whether or not identified in this
press release, and on the current expectations of Valens
Semiconductor's ("Valens") management and are not predictions of
actual performance. These forward-looking statements are provided
for illustrative purposes only and are not intended to serve as and
must not be relied on by any investor as a guarantee, an assurance,
a prediction or a definitive statement of fact or probability.
Actual events and circumstances are difficult or impossible to
predict and will differ from assumptions. Many actual events and
circumstances are beyond the control of Valens Semiconductor. These
forward-looking statements are subject to a number of risks and
uncertainties, including the cyclicality of the semiconductor
industry; the effect of inflation and a rising interest rate
environment on our customers and industry; the ability of our
customers to absorb inventory; competition in the semiconductor
industry, and the failure to introduce new technologies and
products in a timely manner to compete successfully against
competitors; if Valens fails to adjust its supply chain volume due
to changing market conditions or fails to estimate its customers'
demand; disruptions in relationships with any one of Valens' key
customers; any difficulty selling Valens' products if customers do
not design its products into their product offerings; Valens'
dependence on winning selection processes; even if Valens succeeds
in winning selection processes for its products, Valens may not
generate timely or sufficient net sales or margins from those wins;
sustained yield problems or other delays or quality events in the
manufacturing process of products; our ability to effectively
manage, invest in, grow, and retain our sales force, research and
development capabilities, marketing team and other key personnel;
our ability to timely adjust product prices to customers following
price increase by the supply chain; our ability to adjust our
inventory level due to reduction in demand due to inventory buffers
accrued by customers; our expectations regarding the outcome of any
future litigation in which we are named as a party; our ability to
adequately protect and defend our intellectual property and other
proprietary rights; our ability to successfully integrate or
otherwise achieve anticipated benefits from acquired businesses;
the market price and trading volume of the Valens ordinary shares
may be volatile and could decline significantly; political,
economic, governmental and tax consequences associated with our
incorporation and location in Israel; and those factors discussed in Valens'
Form 20-F filed with the SEC on February 28,
2024 under the heading "Risk Factors," and other documents
of Valens filed, or to be filed, with the SEC. If any of these
risks materialize or our assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
Valens does not presently know or that Valens currently believes
are immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect Valens' expectations, plans or
forecasts of future events and views as of the date of this press
release. Valens anticipates that subsequent events and developments
may cause Valens' assessments to change. However, while Valens may
elect to update these forward-looking statements at some point in
the future, Valens specifically disclaims any obligation to do so.
These forward-looking statements should not be relied upon as
representing Valens' assessment as of any date subsequent to the
date of this press release. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
Logo:
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Investor Contacts:
Michal Ben Ari
Investor Relations Manager
Valens Semiconductor Ltd.
michal.benari@valens.com
Lisa Fortuna
Senior Vice President
Financial Profiles, Inc.
valensir@finprofiles.com
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SOURCE Valens Semiconductor