Benzinga | Jul 1, 2021 07:51AM EDT

STMicroelectronics Authorized $1.04B Stock Buyback Program

* STMicroelectronics NV (NYSE:STM) launched a share buyback program of up to $1.04 billion over three years.

* It represents 3.1% of the issued share capital based on the company's Wednesday closing price of $36.38.

* The company will hold the shares repurchased as treasury stock to meet employee stock obligations and settle its outstanding convertible bond.

* As of June 28, 2021, the company held 8 million treasury shares, representing 0.9% of its issued share capital.

* It held $3.5 billion in cash and equivalents as of April 3, 2021.

* Price action: STM shares traded higher by 0.82% at $36.68 in the premarket session on the last check Thursday.