Summary by Moomoo AI
Marvell Technology, Inc. has announced a significant expansion of its stock repurchase program, with the Board of Directors authorizing an additional $3 billion. This increase brings the total current repurchase authority to approximately $3.3 billion, marking the largest repurchase authorization in the company's history. As of the fiscal year ended February 3, 2024, Marvell's existing share repurchase program had about $299 million remaining. The repurchases may occur in the open market or through privately negotiated transactions, subject to market conditions and other corporate considerations. The program can be suspended or discontinued at any time. The announcement was made on March 7, 2024, and is detailed in a press release which is incorporated by reference into Marvell's Form 8-K filed with the SEC.