Silicon Storage Technology, Inc (SSTI), a leader in flash memory technology, announced that the company’s Board of Directors has authorized management to repurchase up to $30 million of SST’s common stock. Repurchases under the new program will be made in open market or under privately negotiated transactions in compliance with Securities and Exchange Commission Rule 10b-18. Furthermore, SSTI’s repurchase program will still be subject to market conditions, applicable legal requirements and other factors.

SST expects to use cash and assets on hand to fund the repurchases. This program does not obligate SST to acquire shares at any particular price per share and may be suspended at any time at the company’s discretion.

Big Yeh, president and CEO, stated, “We believe a repurchase program is an attractive use of our cash and underscores our belief in the long-term value of our stock. We are confident that SST can both invest in the growth initiatives that are key to our future success and enhance the value of our company by repurchasing common stock at this time. Our balance sheet is strong and we will continue to actively manage our business to sustain high levels of performance for our company and our shareholders.”

Let us hear your thoughts below: