Benzinga | Feb 24, 2021 09:09AM EST

MaxLinear Starts $100M Share Buyback Program

* MaxLinear Inc (NYSE: MXL) authorized a $100 million share buyback program.

* The program is slated to expire on February 16, 2024, and funded from available working capital. The company had cash and equivalents of $150.03 million as of December 31, 2020.

* "We are excited about our future as we continue to drive growth in our data connectivity and access platforms, 5G wireless infrastructure, high-speed optical data center interconnects, and power and industrial interfaces," said MaxLinear CEO Kishore Seendripu, Ph.D. "The stock repurchase program we are announcing today demonstrates our confidence in our long-term growth prospects and commitment to delivering stockholder value," added Seendripu.

* MXL stock has gained 122.8% in one year.

* Price action: MXL shares were higher by 3.75% at $41.50 in the pre-market session on the last check Wednesday.