Item 2. Unregistered Sales of Equity Securities
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
As of December 31, 2020 , we had approximately $41.3 million available for future repurchases to be executed according to predefined price/volume guidelines. In April 2021, our board of directors authorized the use of an additional $50.0 million for the repurchase of our common stock, which was announced on April 29, 2021.
In the six months ended June 30, 2021, we repurchased approximately 335,000 of our shares for approximately $26.4 million. As of June 30, 2021, we had approximately $64.9 million remaining in our repurchase program, which has no expiration date.
Issuer Purchases of Equity Securities
The following table summarizes repurchases of our common stock during the second quarter of fiscal 2021:
Total Number of Shares Purchased
Average Price Paid Per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Approximate Dollar Value that May Yet be Repurchased Under the Plans or Program
Period
(In millions)
April 1, 2021 to April 30, 2021
—
—
—
$
91.3
May 1, 2021 to May 31, 2021
184,764
$
77.47
184,764
$
77.0
June 1, 2021 to June 30, 2021
149,931
$
80.44
149,931
$
64.9
Total
334,695
334,695
All of the shares repurchased were pursuant to our publicly announced repurchase program.
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ITEM 6. EXHIBITS
Incorporation by Reference
EXHIBIT
NUMBER
Exhibit Description
Form
File
Number
Exhibit/Other Reference
Filing
Date
Filed
Herewith
3.1
Restated Certificate of Incorporation
10-K
000-23441
3.1
2/29/2012
3.2
Amended and Restated Bylaws
8-K
000-23441
3.1
4/26/2013
4.2
Reference is made to Exhibits 3.1 to 3.2
10.1
Amended and Restated 1997 Employee Stock Purchase Plan
X
10.2
Amended and Restated 2016 Incentive Award Plan
X
10.3
Second Amendment to Credit Agreement, dated June 7, 2021, between Power Integrations, Inc. and Wells Fargo Bank, National Association
X
10.4
Amendment Number Three to the Amended and Restated Wafer Supply Agreement between Power Integrations International, Ltd. And X-FAB Semiconductor Foundries AG, effective as of April 21, 2021
X
10.5
Executive Officer Benefits Agreement, dated as of June 14, 2021, between Power Integrations, Inc. and Yang Chiah Yee
X
31.1
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
X
31.2
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
X
32.1**
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
X
32.2**
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
X
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Incorporation by Reference
EXHIBIT
NUMBER
Exhibit Description
Form
File
Number
Exhibit/Other Reference
Filing
Date
Filed
Herewith
101.INS
XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
X
101.SCH
Inline XBRL Taxonomy Extension Schema Document
X
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document
X
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document
X
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document
X
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document
X
104
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
All references in the table above to previously filed documents or descriptions are incorporating those documents and descriptions by reference thereto.
†
Portions of this exhibit (indicated by asterisks) have been omitted as being immaterial and is the type of information that Power Integrations, Inc. treats as private or confidential .
**
The certifications attached as Exhibits 32.1 and 32.2 accompanying this Form 10-Q, are not deemed filed with the SEC, and are not to be incorporated by reference into any filing of Power Integrations, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Form 10-Q, irrespective of any general incorporation language contained in such filing.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
POWER INTEGRATIONS, INC.
Dated:
July 29, 2021
By:
/s/ S ANDEEP N AYYAR
Sandeep Nayyar
Chief Financial Officer
(Duly Authorized Officer, Principal Financial Officer and Principal Accounting Officer)
35