(Cancellation of Treasury Shares Pursuant to Article 178 of the Companies Act)
TOKYO--(BUSINESS WIRE)--Renesas Electronics Corporation (Renesas, TSE:6723), a premier supplier of advanced semiconductor solutions, today announced that it has resolved at the Meeting of Board of Directors dated February 8, 2024, to cancel treasury shares pursuant to Article 178 of the Companies Act as follows.
- Class of shares to be cancelled: Renesas common shares
- Number of shares to be cancelled: 87,839,138 shares (approximately 4.5% of shares issued and outstanding)
- Scheduled cancellation date: February 29, 2024
(Reference)
- Renesas will retain a maximum of approximately 5% of the total number of shares issued and outstanding and, in principle, treasury shares exceeding 5% will be subject to cancellation.
- After cancellation, the total number of shares issued and outstanding is projected to be 1,870,614,885, and the total number of treasury shares is projected to be 93,530,744. (These numbers are projected based on the total numbers of shares issued and outstanding as well as treasury shares as of December 31, 2023.)
About Renesas Electronics Corporation
Renesas Electronics Corporation (TSE: 6723) empowers a safer, smarter and more sustainable future where technology helps make our lives easier. The leading global provider of microcontrollers, Renesas combines our expertise in embedded processing, analog, power and connectivity to deliver complete semiconductor solutions. These Winning Combinations accelerate time to market for automotive, industrial, infrastructure and IoT applications, enabling billions of connected, intelligent devices that enhance the way people work and live. Learn more at renesas.com. Follow us on LinkedIn, Facebook (NASDAQ:META), Twitter, YouTube, and Instagram.
Forward-Looking Statements
The statements in this press release with respect to the plans, strategies and financial outlook of Renesas and its consolidated subsidiaries (collectively we) are forward-looking statements involving risks and uncertainties. Such forward-looking statements do not represent any guarantee by management of future performance. In many cases, but not all, we use such words as aim, anticipate, believe, continue, endeavor, estimate, expect, initiative, intend, may, plan, potential, probability, project, risk, seek, should, strive, target, will and similar expressions to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements discuss future expectations, identify strategies, contain projections of our results of operations or financial condition, or state other forward-looking information based on our current expectations, assumptions, estimates and projections about our business and industry, our future business strategies and the environment in which we will operate in the future. Known and unknown risks, uncertainties and other factors could cause our actual results, performance or achievements to differ materially from those contained or implied in any forward-looking statement, including, but not limited to, general economic conditions in our markets, which are primarily Japan, North America, Asia, and Europe; demand for, and competitive pricing pressure on, products and services in the marketplace; ability to continue to win acceptance of products and services in these highly competitive markets; and fluctuations in currency exchange rates, particularly between the yen and the U.S. dollar. Among other factors, downturn of the world economy; deteriorating financial conditions in world markets, or deterioration in domestic and overseas stock markets, may cause actual results to differ from the projected results forecast.
This press release is based on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that subsequent developments may affect the information contained in this presentation, which neither we nor our advisors or representatives are under an obligation to update, revise or affirm.
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Media Contacts:
Kyoko Okamoto
Renesas Electronics Corporation
+81 3-6773-3001
pr@renesas.com
Investor Contacts:
Yuma Nakanishi
Renesas Electronics Corporation
+81 3-6773-3002
ir@renesas.com
Source: Renesas Electronics Corporation