Item 8.01 Other Events.
On November 8, 2017, the Board of Directors (the "Board") of Ubiquiti Networks,
Inc. (the "Company") approved a $50 million stock repurchase program (the
"November Program"). On February 6, 2018, the Board approved an additional $150
million stock repurchase program (the "February Program", together with the
November Program, the "Prior Programs"). As of March 12, 2018, the Company had
$7,241,024.28 available under the Prior Programs.
On March 13, 2018, the Board approved a new $200 million stock repurchase
program (the "New Program"). Under the New Program, the Company may repurchase
up to $200 million of its common stock. The New Program expires on June 30,
2019. As part of the New Program, shares may be purchased from time to time,
depending upon market conditions, in open market transactions, including through
block purchases, through privately negotiated transactions, or pursuant to any
trading plan that may be adopted in accordance with Rule 10b5-1 of the Exchange
Act. The timing, manner, price and amount of any repurchases will be determined
in the Company's discretion and the New Program may be suspended, terminated or
modified at any time for any reason. The New Program does not obligate the
Company to acquire any specific number of shares, and all open market
repurchases will be made in accordance with Rule 10b-18 of the Exchange Act,
which sets certain restrictions on the method, timing, price and volume of open
market stock repurchases.
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