Benzinga | Dec 22, 2021 09:24AM EST

MagnaChip Ratifies $75M Share Buyback

* MagnaChip Semiconductor Corp's (NYSE:MX) board approved a share buyback program of up to $75 million.

* MagnaChip forged an accelerated stock repurchase agreement with JPMorgan Chase Bank, National Association to repurchase an aggregate of $37.5 million of Magnachip's common stock.

* MagnaChip held $276.3 million in cash and equivalents and generated $19.7 million in operating cash flow as of September 30.

* MagnaChip designs and manufactures analog and mixed-signal semiconductor platform solutions for communications, the Internet of Things, and consumer, industrial, and automotive.

* Price Action: MX shares traded higher by 1.59% at $19.15 in the premarket session on the last check Wednesday.