Laser Photonics Board of Directors Authorizes 2 Million Share Stock Repurchase Program

Rhea-AI Summary

Laser Photonics Corporation (NASDAQ:LASE) has authorized a stock repurchase program allowing the company to buy back up to 2 million shares of common stock. Following a successful IPO that raised around $12 million, the company's CEO, Wayne Tupuola, noted that the stock is undervalued, trading at approximately $1.50 per share in cash, with no debt and profits. The buyback will occur at the company's discretion, influenced by market conditions. Laser Photonics aims to transform the industrial laser technologies market, addressing environmental issues associated with traditional methods.

Positive

• Authorization of a 2 million share stock buyback program.
• Strong cash position of approximately $1.50 per share.
• No debt and profitable operations enhance financial stability.
• CEO emphasizes stock is significantly undervalued.

Negative

• None.

ORLANDO, FL / ACCESSWIRE / January 11, 2023 / Laser Photonics Corporation (NASDAQ:LASE), ("LPC"), a leading global industrial developer of CleanTech laser systems for laser cleaning and other materials applications, announced that its Board of Directors authorized a share stock repurchase program permitting the Company to purchase up to an aggregate of 2 million shares of common stock.

"Since raising approximately $12 million in net proceeds from our IPO last October, our financial performance and fundamentals have steadily improved, while our stock price has not reflected this performance," said Wayne Tupuola, chief executive officer. "With approximately $1.50 per share in cash*, no debt and profits, we believe the stock is significantly undervalued. Given this gap in perception, our board of directors has approved a 2 million share buyback."

Purchases made under the program will be made from time to time, at the Company's discretion, in the open market, through privately negotiated transactions or through other manners as permitted by federal securities laws. The timing, manner, price and amount of any repurchases will be determined by the Company and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors.

*Based on post-IPO common stock outstanding of approximately 7.9 million

About Laser Photonics Corporation

Laser Photonics is a vertically-integrated manufacturer and R&D Center of Excellence for industrial laser technologies and systems. LPC seeks to disrupt the $46 billion, centuries old, sand and abrasives blasting markets, focusing on surface cleaning, rust removal, corrosion control, de-painting and other laser-based industrial applications. LPC's new generation of leading-edge laser blasting technologies and equipment also addresses the numerous health, safety, environmental, and regulatory issues associated with the old methods. As a result, LPC has quickly gained a reputation as an industry leader for industrial laser systems with a brand that stands for quality, technology and product innovation. Currently, world-renowned and Fortune 1000 manufacturers in the aerospace, automotive, defense, energy, industrial, maritime, space exploration and shipbuilding industries are using LPC's "unique-to-industry" systems. For more information, visit www.laserphotonics.com.

Laser Photonics Investor and Public Relations Contact:

Brian Siegel, IRC®, M.B.A.
Senior Managing Director
Hayden IR
(346) 396-8696
brian@haydenir.com

SOURCE: Laser Photonics Corp.

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https://www.accesswire.com/734804/Laser-Photonics-Board-of-Directors-Authorizes-2-Million-Share-Stock-Repurchase-Program

FAQ

What is the purpose of Laser Photonics' stock repurchase program?

The stock repurchase program aims to buy back up to 2 million shares to enhance shareholder value and address the perceived undervaluation of the stock.

How much cash does Laser Photonics have per share?

Laser Photonics has approximately $1.50 in cash per share based on post-IPO common stock outstanding.

When was the stock buyback program announced?

The stock buyback program was announced on January 11, 2023.

How will the share repurchases be conducted?

Repurchases will be made at the company's discretion, in the open market, and through negotiated transactions, depending on market conditions.

What is the impact of the buyback on LASE stock?

The buyback is expected to provide support for LASE stock price and increase shareholder value by reducing the number of shares outstanding.