STMicroelectronics repurchases $8.8M of shares during final days of October

STMicroelectronics (STM) repurchased 347,647 shares for a total of $8.6M during the final few days of October.

The shares were purchased between the days of October 27-31. It was part of a program authorized by a shareholder resolution in May 2024.

"The purpose of these transactions under article 5(2) of Regulation (EU 596/2014 - the Market Abuse Regulation) was to meet obligations arising from share option programmes, or other allocations of shares, to employees or to members of the administrative, management or supervisory bodies of the issuer or of an associate company," the Netherlands-based semiconductor company said.

The company now holds 20.66M shares, which equates to 2.6% of its issued, shared capital. 

STMicroelectronics share value dropped more than 10% following its third-quarter financial results and outlook on October 23.