Limelight Networks (LLNW) Approves $25M Buyback Plan

Limelight Networks (NASDAQ: LLNW) today announced that its Board of Directors has authorized a new $25 million share repurchase program.

“This authorization demonstrates our belief that the Company’s prospects and long-term strategy are not reflected by the Company’s current stock price and confirms our commitment to create and return value to our shareholders. We believe that the current strength of our balance sheet and our outstanding cash balance allow us to pursue this program even as we invest in the long-term expansion and growth of our business,” said Sajid Malhotra, Limelight’s chief financial officer.

This program replaces the $9.5 million remaining from the previously announced $15 million share repurchase program. The Company’s management will determine details of the program (including the timing and amount of any shares repurchased) based on its evaluation of market conditions and other factors. The Company anticipates purchasing its common stock on the open market or in privately negotiated transactions from time to time following the release of the Company’s financial results for the quarter ending March 31, 2017. Any repurchase executed in the open market will be done in compliance with all applicable securities laws and regulations, including Rule 10b-18 and may also be made under one or more Rule 10b5-1 plan, which would permit the Company to repurchase shares when the Company might otherwise be precluded from doing so under insider trading laws. The Company may choose to terminate or suspend the repurchase program at any time.

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