Iridium Communications Board Authorizes Addl. $300 Mln Share Buyback

(RTTNews) - Iridium Communications Inc. (IRDM) announced Monday that its Board of Directors has authorized the repurchase of an additional $300 million of Iridium common stock through December 31, 2023.

This is the second $300 million stock repurchase authorization from the Board of Directors in the past two years and underscores the ongoing success and growth of Iridium's business.

In total, Iridium has the opportunity to retire $600 million worth of common stock from the public markets over a three-year period.

Similar to the initial authorization announced in February of 2021, share repurchases will be executed with the aim of maximizing return on investment.