ORDINARY SHARE REPURCHASE AND ISSUANCE

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

ORDINARY SHARE REPURCHASE AND ISSUANCE

NOTE 8-ORDINARY SHARE REPURCHASE AND ISSUANCE

On November 12, 2014, the Company’s Board of Directors approved a share repurchase program of up to $40.0 million of its ordinary shares outstanding over the 24 months through 2016. On November 4, 2016, the Company’s Board of Directors approved an extension for this program to November 2018. On November 4, 2018, the Company’s Board of Directors approved an extension for this program to November 2019. In September 2019, the Board had approved to extend two additional years. In September 2021, the Company's Board of Directors approved to extend this program to March 2022. In March 2022, the Board of Directors approved an extension for this program to the end of March 2023. In March 2023, the Board of Directors had approved to extend one additional year. In March 2024, the Board of Directors approved a one-year extension for this program. For the years ended December 31, 2023, 2022 and 2021, the Company repurchased nil, 15,699 (or 3,925 after reverse share split) shares and nil at the cost of nil, approximately $0.01 million and nil, respectively. All the repurchased shares under the repurchase program are classified as treasury shares of the Company until they are retired or reissued.