UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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Securities registered pursuant to Section 12(b) of the Act:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events
On December 18, 2019, the Board of Directors of Advanced Energy Industries, Inc. (the “Company”) authorized to remove the expiration date to the Company’s share repurchase program previously announced on September 16, 2015 (the “Share Repurchase Program”) and increase the authorized amount by $25.1 million. As of December 18, 2019, the Company is now authorized to repurchase shares of the Company’s common stock of up to a total of $50.0 million, when combining the new authorization with the remaining amount of $24.9 million previously authorized under the Share Repurchase Program. The Share Repurchase Program, which was set to expire on December 31, 2019, is no longer subject to an expiration date. Repurchases under the Share Repurchase Program may be made from time-to-time in the public or private markets, through block trades, Rule 10b5-1 trading plans or other available means and may include the use of derivative contracts and structured and accelerated share repurchase agreements, all in accordance with applicable securities and other laws, including the Securities Exchange Act of 1934, as amended. There is no minimum number of shares required to be repurchased under the Share Repurchase Program, and the Share Repurchase Program may be suspended or discontinued at any time. The Company cannot predict when or if it will repurchase any shares as such repurchases will depend on a number of factors, including constraints specified in any Rule 10b5-1 trading plans, price, general business and market conditions, and alternative investment opportunities. Information regarding share repurchases will be available in the Company’s periodic reports on Form 10-Q and 10-K filed with the Securities and Exchange Commission.
This Current Report on Form 8-K contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including forward-looking statements regarding the Share Repurchase Program. These statements are neither promises nor guarantees and involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by the forward-looking statements, including, without limitation, risks relating to the Company’s ability to implement and make appropriate, timely and beneficial decisions as to when, how and if to purchase shares under the Share Repurchase Program; and other risks described in the Company’s filings with the Securities and Exchange Commission.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
/s/ Paul Oldham | |
Date: December 20, 2019 | Paul Oldham |
Chief Financial Officer & Executive Vice President | |
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Document and Entity Information |
Dec. 18, 2019 |
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| Document and Entity Information [Abstract] | |
| Document Type | 8-K |
| Document Period End Date | Dec. 18, 2019 |
| Entity File Number | 000-26966 |
| Entity Registrant Name | Advanced Energy Industries, Inc. |
| Entity Incorporation, State or Country Code | DE |
| Entity Tax Identification Number | 84-0846841 |
| Entity Address, Address Line One | 1625 Sharp Point Drive |
| Entity Address, State or Province | CO |
| Entity Address, City or Town | Fort Collins |
| Entity Address, Postal Zip Code | 80525 |
| City Area Code | (970) |
| Local Phone Number | 221-4670 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, $0.001 par value |
| Trading Symbol | AEIS |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |
| Entity Central Index Key | 0000927003 |
| Amendment Flag | false |