Paradyne has 32.99 million shares outstanding. The buyback program could represent up to 5.2% of its outstanding shares. Any repurchased shares will be returned to the company's 'authorized but unissued' shares sector.
The stock opened Sept. 19 on the Nasdaq at $1.56 per share on volume of 8,400. The 52-week high-low is $16.12 and 97 cents. The company has a market capitalization of $50 million.
In a prepared statement, Paradyne says it has shipped 115,000 ports of its ReachDSL solution, allowing carriers to deliver broadband services over most copper lines, even those severely impaired.
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