Lam Research Board Approves $10 Bln Share Buyback Authorization And 10-for-1 Stock Split
(RTTNews) - Lam Research Corp. (LRCX) announced Tuesday that its Board of Directors approved a $10 billion share repurchase authorization and a forward split of its outstanding shares of common stock at a ratio of 10:1.
Lam said the share repurchase authorization will execute over an indeterminate period of time and is consistent with the company's plan to return 75% to 100% of free cash flow to stockholders in the form of dividends and share buybacks.
The stock split is expected to be effective after market close on Wednesday, October 2, 2024, for stockholders of record at that time. Lam Research's common stock will begin trading on a post-split basis at the market open on Thursday, October 3, 2024, under the company's existing trading symbol "LRCX."
As a result of the stock split, proportionate adjustments will be made to the number of shares of Lam Research's common stock underlying the company's outstanding equity awards, equity incentive plans, and other existing agreements, as well as exercise or conversion prices, as applicable.
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