JNI(R) Corporation, a supplier of Fibre Channel host bus adapters for the enterprise storage market, this week announced that its board of directors has authorized a stock repurchase program.
Under the program, JNI may purchase up to $15 million of its common stock over the next twelve months. Shares may be repurchased in open market and private transactions at prices and times considered appropriate by the company. The program is effective immediately. JNI has approximately 27 million shares of common stock outstanding.