On September 12, 2022, Rambus Inc., a provider of industry-leading chips and silicon IP making data faster and safer, announced that it initiated an accelerated share repurchase program with Wells Fargo Bank, National Association (Wells Fargo Bank), to repurchase an aggregate of approximately $100 million of its common stock, with an initial delivery of approximately 3.1 million shares. Wilson Sonsini Goodrich & Rosati is representing Rambus on the transaction.
Under the accelerated share repurchase program, Rambus will pre-pay to Wells Fargo Bank the $100 million purchase price for its common stock and, in turn, Rambus will receive an initial delivery of approximately 3.1 million shares of its common stock from Wells Fargo Bank within the first week of the program. The number of shares to be purchased ultimately by Rambus will be determined based on the volume-weighted average price of Rambus common stock during the terms of the transaction, minus an agreed upon discount between the parties. The program is expected to be completed within four months.
The Wilson Sonsini team advising Rambus on the transaction includes:
Corporate Finance
Mike Occhiolini
Michael Rosati
Andrew Ralston
Steve Schwartz
Corporate
Michael Coke
Amanda Urquiza
Tax
Myra Sutanto Shen
Anthony Yanez
For more information, please see Rambus’ press release.