Mill City Announces Stock Repurchase Program

Rhea-AI Summary

Mill City Ventures III, (NASDAQ:MCVT), a non-bank lender and specialty finance company, has announced a stock repurchase program of up to $2,000,000 for its common stock. The program, approved by the Company's Board of Directors, will be executed through a combination of open market repurchases, privately negotiated transactions, and other methods at the Company's discretion.

CEO Douglas M. Polinsky stated that this initiative reflects their commitment to maximizing shareholder value. The company plans to finance the repurchase with existing cash balances. The program can be suspended or discontinued at any time and does not obligate the company to acquire a specific amount of stock.

Positive

• Announcement of a $2 million stock repurchase program
• Potential increase in shareholder value through stock buyback
• Company has sufficient cash reserves to finance the repurchase
• Flexibility in repurchase methods, including open market and private transactions
• Management's confidence in the company's strong and growing business

Negative

• Reduction in cash reserves that could be used for other growth opportunities
• No guarantee of the actual amount of stock to be repurchased
• Potential impact on stock liquidity if significant amounts are repurchased

MINNEAPOLIS, MN / ACCESSWIRE / October 16, 2024 / Mill City Ventures III, Ltd. ("Mill City" or the "Company") (NASDAQ:MCVT), a non-bank lender and specialty finance company, today announced the Company's Board of Directors has approved a stock repurchase program up to $2,000,000 for its common stock. Acquisitions pursuant to this stock repurchase program may be made through a combination of open market repurchases in compliance with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, and/or other transactions at the Company's discretion.

"Our stock buyback initiative reflects our firm commitment to maximizing shareholder value in all strategies available to the Company," commented Chief Executive Officer Douglas M. Polinsky. "We believe our business is strong and growing as we move forward with new opportunities."

The Company expects to finance any repurchase with existing cash balances. The stock repurchase program may be suspended or discontinued any time and does not obligate the Company to acquire an amount of stock.

About Mill City Ventures III, Ltd.

Founded in 2007, Mill City Ventures III, Ltd., is a short-term non-bank lending and specialty finance company. More information about the company can be obtained at www.sec.gov or www.millcityventures3.com.

Contact:
Joseph A. Geraci
Chief Financial Officer
jg@millcityventures3.com
612-868-5815

SOURCE: Mill City Ventures III Ltd.

View the original press release on accesswire.com

FAQ

What is the size of Mill City Ventures' (MCVT) stock repurchase program?

Mill City Ventures III, (NASDAQ:MCVT) has announced a stock repurchase program of up to $2,000,000 for its common stock.

How will Mill City Ventures (MCVT) finance the stock repurchase program?

The company expects to finance the stock repurchase program with existing cash balances.

Is Mill City Ventures (MCVT) obligated to repurchase a specific amount of stock?

No, the stock repurchase program does not obligate Mill City Ventures to acquire a specific amount of stock and can be suspended or discontinued at any time.

What methods will Mill City Ventures (MCVT) use for the stock repurchase?

Mill City Ventures will use a combination of open market repurchases in compliance with Rule 10b-18, privately negotiated transactions, and other transactions at the Company's discretion.