SAN FRANCISCO Synplicity Inc.'s board of directors has extended the company's stock repurchase program, authorizing the repurchase of up to 1 million shares of its common stock over the next year, Synplicity said Thursday (May 19).
Synplicity (Sunnyvale, Calif.) said shares would be repurchased in the open market at times and prices considered appropriate by the company. Over the past year, Synplicity said it has purchased approximately 708,000 shares at an average price of about $5.62 per share.
"This extension of our repurchase program reflects the continuing confidence our board of directors has in our business and strategy," said Gary Meyers, president and CEO of Synplicity, in a statement. "Our strong balance sheet allows us to implement this program, which we believe is in the best interests of our shareholders."