(RTTNews) - Allot Ltd. (ALLT), a provider of security-as-a-service and network intelligence solutions, said on Tuesday that its board has authorized a program to repurchase up to $40 million of shares.
Eyal Harari, CEO of Allot, said: "Our share repurchase program reflects our confidence in Allots strategy and financial strength. We believe repurchasing our shares is an attractive use of our excess capital, that allows us to create increased value for our shareholders, while we continue to invest in internal initiatives that will continue to drive Allots long-term growth."
The timing and amount of repurchases will depend on market conditions, share price, liquidity, and others.
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