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Item 7.01 Regulation FD Disclosure.
On March 3, 2021, CMC Materials, Inc. (the "Company") will hold its annual meeting of stockholders (“Annual Meeting”) at 8:00 a.m. Central Time as a virtual meeting www.virtualshareholdermeeting.com/CCMP2021.
A webcast replay of the Annual Meeting will be available in the “Events and Presentations” area of the “Investor Relations” section of the Company’s website, cmcmaterials.com.
This information is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On March 3, 2021, CMC Materials, Inc. (the “Company”) issued a press release entitled “CMC Materials, Inc. Increases Quarterly Cash Dividend and Authorized Share Repurchase Program” announcing that its Board of Directors has declared a quarterly cash dividend of $0.46 per share ($1.84 per share on an annualized basis) on the Company's common stock. The dividend will be payable on or about April 23, 2021 to stockholders of record at the close of business on March 23, 2021. The declaration
and payment of future dividends are subject to the discretion and determination of the Company's Board of Directors and management, based on a variety of factors, and the program may be suspended, terminated or modified at any time for any reason.
The press release referenced above also states that the Company's Board of Directors authorized an increase in the Company’s existing share repurchase program to $150 million from the approximately $27 million that was remaining as available on December
31, 2020. The Company intends to continue to repurchase its shares pursuant to the program from time to time in open market transactions, depending on market conditions, at management's discretion. The timing, manner, price and amounts of repurchases will be determined at the Company's discretion, and the share repurchase program may be suspended, terminated or modified at any time for any reason. The repurchase program does not obligate the Company to acquire any specific number of shares. In addition, as part of the share repurchase program, the Company also intends to repurchase shares pursuant to a Rule 10b5-1 plan,
which permits stock repurchases when the Company might otherwise be precluded from doing so under insider trading laws or because of self-imposed trading blackout periods.