SANTA ANA, Calif.--(BUSINESS WIRE)--Nov. 7, 2024-- Identiv, Inc. (NASDAQ: INVE), a global leader in RFID-enabled Internet of Things (IoT) solutions, today announced that its Board of Directors has authorized a stock repurchase program for up to $10 million of its common stock. The Company also announced its Board of Directors intends to propose changes to the Company’s corporate governance policies in advance of the 2025 annual meeting of stockholders.

Stock Repurchase Program

"The stock repurchase program reflects the Board’s confidence in Identiv’s new growth strategy and our belief that our shares are currently undervalued relative to the long-term potential of our specialty IoT solutions business," said James Ousley, Chairman of the Board. “With our strong balance sheet, we are able to repurchase shares while maintaining sufficient cash resources to invest in our organic and inorganic growth initiatives."

Under the stock repurchase program, shares may be purchased through various means, including open market purchases, through privately negotiated transactions or otherwise. The duration of the repurchase program is open-ended. The timing and amount of any repurchase of common stock will depend on a number of factors, including stock price, trading volume, and general market conditions, along with Identiv’s working capital requirements, general business conditions and other factors. The repurchase program may be suspended or discontinued at any time without notice.

Repurchases under the stock repurchase program will be funded from the Company’s existing cash and cash equivalents or future cash flow. As of September 30, 2024, the Company had 23,873,249 shares of common stock outstanding and over $145 million of cash and cash equivalents on its balance sheet.

Proposed Corporate Governance Enhancements

In addition, to better align with Identiv’s new strategic direction and the interests of its stockholders, the Board plans to recommend several updates to the Company’s corporate governance policies and procedures in advance of Identiv’s 2025 annual meeting of stockholders. The Board intends to recommend the following changes:

• Solicit stockholder approval to eliminate the Company’s classified Board structure
• Consider the resignation of any director who does not receive a majority vote in uncontested elections

In addition, the Board has amended the Company’s stock incentive plan to eliminate the ability to reprice options.

In conjunction with these proposals, the Board is actively recruiting director candidates with deep, complementary expertise to help guide Identiv through its business transition.

"As the business transition progresses, the Board believes these corporate governance changes will best serve Identiv and our stockholders,” added Ousley. “We look forward to providing more details on these proposals ahead of the 2025 annual meeting.”

About Identiv

Identiv’s full-circle RFID-enabled IoT solutions create digital identities for physical objects, enhancing global connectivity for businesses, people, and the planet. Its solutions, integrated into over 1.5 billion applications worldwide, drive innovation across healthcare, consumer electronics, luxury goods, smart packaging, and more. For additional information, visit identiv.com.

Note Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations as well as the current beliefs and assumptions of management of Identiv and can be identified by words such as “anticipate,” “believe,” “continue,” “plan,” “will,” “intend,” “expect,” “outlook,” and similar references to the future. Any statement that is not a historical fact is a forward-looking statement, including statements regarding: Identiv’s beliefs regarding its growth strategy and the value of its common stock relative to the long-term potential of its business; the Company’s beliefs regarding updates to its corporate governance policies; the Company’s beliefs regarding its ability to fund growth; and Identiv’s expectations relating to the growth of its IoT business. Forward-looking statements are only predictions and are subject to a number of risks and uncertainties, many of which are outside Identiv’s control, which could cause actual results to differ materially and adversely from those expressed in any forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: Identiv’s ability to continue the momentum in its business; Identiv’s ability to successfully execute its business strategy; Identiv’s ability to capitalize on trends in its business; Identiv’s ability to satisfy customer demand and expectations; the level and timing of customer orders and changes/cancellations; the loss of customers, suppliers or partners; the success of Identiv’s products and strategic partnerships; the risk that the Company may not implement the updates to its corporate governance policies or may implement other updates; and the other factors discussed in its periodic reports, including its Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 and subsequent reports filed with the Securities and Exchange Commission. All forward-looking statements are based on information available to Identiv on the date hereof, and Identiv assumes no obligation to update such statements.

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Identiv Investor Relations Contact:
IR@identiv.com

Source: Identiv, Inc.