SHANGHAI, Aug. 18, 2011 /PRNewswire-Asia-FirstCall/ -- Spreadtrum Communications, Inc., (Nasdaq: SPRD; "Spreadtrum" or the "Company"), a leading fabless semiconductor provider in China with advanced technology in both 2G and 3G wireless communications standards, today announced that its executive officers President and Chief Executive Officer Dr. Leo Li, Chief Financial Officer Shannon Gao and Chief Technology Officer Joe Zou recently purchased a cumulative total of 281,766 American Depositary Shares ("ADSs") of Spreadtrum on the open market, at purchase prices ranging from approximately $14 - $15.30 per ADS. Dr. Li purchased 141,844 ADSs, Ms. Gao purchased 89,922 ADSs and Mr. Zou purchased 50,000 ADSs. The ADS purchases were made during an open window period in accordance with Spreadtrum's insider trading policy. None of the executive officers have sold any Spreadtrum shares during the last two years, and in the case of Mr. Zou, since he joined the Company in June 2011.
In addition to the management share purchases, Spreadtrum has conducted ADS repurchase activity on the open market as discussed in an announcement on June 17, 2011 and in its 2Q11 earnings release. Since June 2011, Spreadtrum has repurchased approximately 5.4% of the Company's total outstanding shares at an average price of $13.65 per ADS.
"Management share purchases and the Company's repurchase activity reflect the confidence that we have in Spreadtrum's future as a leading provider of mobile phone platform solutions in both domestic China and overseas markets, and our ability to drive short and long-term growth in the 2.5G, 3G and 4G market segments." Dr. Li commented.