Moving iMage Technologies Announces Stock Repurchase Program of up to $0.36M Worth of Shares and Will Expire at the Earlier of June 30, 2024
Portfolio Pulse from Benzinga Newsdesk
Moving iMage Technologies (MITQ) has launched a new stock repurchase program, authorizing the repurchase of up to $363,000 worth of shares by June 30, 2024. This program replaces the previous $1.0 million share repurchase program that expired on March 23, 2024. Under the previous program, MITQ repurchased approximately 6.3% of its total shares outstanding for $637,000. The company has also established a 10b5-1 stock trading plan to facilitate repurchases during blackout periods, effectively increasing the annual repurchase window from 90 to 250 days.
April 01, 2024 | 11:10 am
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Moving iMage Technologies announces a new stock repurchase program of up to $363,000, replacing the previous $1M program, and establishes a 10b5-1 trading plan to increase repurchase days.
Stock repurchase programs are generally viewed positively by the market as they can indicate that the company believes its stock is undervalued and is a good use of its capital. The establishment of a 10b5-1 trading plan, allowing for more flexibility in repurchasing shares, could further be seen as a commitment to returning value to shareholders. However, the relatively small size of the repurchase program compared to the company's market cap may limit the impact on the stock price.
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