Moving iMage Technologies (MiT) Announces Stock Repurchase Program and 10b5-1 Stock Trading Plan
01 Aprile 2024 - 1:00PM
Business Wire
Moving iMage Technologies (NYSE American: MITQ) (“MiT”),
a leading technology and services company for cinema, Esports,
stadiums, arenas and other out-of-home entertainment venues, today
announced it has adopted a new share repurchase program to replace
the Company’s previous $1.0 million share repurchase program that
expired on March 23, 2024.
The new share repurchase program authorizes the repurchase of up
to $363,000 worth of shares and will expire at the earlier of June
30, 2024, or when the maximum dollar amount of shares is
repurchased. Through March 22, 2024, under the prior repurchase
plan, the Company repurchased approximately 6.3% of the total
shares outstanding for $637,000. All repurchases will be
implemented in accordance with the applicable requirements of Rule
10b-18 under the U.S. Securities Exchange Act of 1934.
The Company also established a 10b5-1 stock trading plan that
allows for repurchases of MITQ common stock during blackout periods
based on MiT's insider trading policy that surrounds important
corporate events, announcements and quarterly earnings releases,
therefore expanding the number of days available to repurchase
shares from approximately 90 days to 250 days on an annual basis.
An independent U.S. broker-dealer is acting as the Company’s agent
to purchase its shares on pre-arranged terms pursuant to the Rule
10b5-1 stock trading plan.
About Moving iMage Technologies
MOVING iMAGE TECHNOLOGIES (NYSE American: MITQ) is a leading
provider of technology, products, and services to the Motion
Picture Exhibition industry and is expanding into live
entertainment venues and Esports. We sell proprietary products,
which we design and manufacture in-house, and are developing,
introducing, and supporting a wide range of disruptive technologies
that will bring SaaS and subscription-based products. Our Caddy
brand of proprietary manufactured products is a leading provider of
cup holders, trays, and other products to entertainment and sports
venues. For more information, visit www.movingimagetech.com.
Forward-Looking
Statements
All statements above that are not purely about historical facts,
including, but not limited to, those in which we use the words
“believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,”
“target” and similar expressions, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. While these forward-looking statements represent our
current judgment of what may happen in the future, actual results
may differ materially from the results expressed or implied by
these statements due to numerous important factors. Our filings
with the SEC provide detailed information on such statements and
risks and should be consulted along with this release. To the
extent permitted under applicable law, we assume no obligation to
update any forward-looking statements.
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Moving iMage Technologies Investor Relations and Media
Contacts: Brian Siegel, IRC®, M.B.A. Vice President, Strategic
Communications and Investor Relations Moving iMage Technologies
Senior Managing Director Hayden IR (346) 396-8696
brian@haydenir.com
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