Moving iMage Technologies (MiT) Board of Directors Renews $1 Million Share Repurchase Program Authorization for 12 Months

Rhea-AI Summary

Moving iMage Technologies (NYSE American: MITQ) announced the renewal of its share repurchase program, allowing the Company to buy back up to $1 million of its common stock over the next 12 months. The repurchases will occur at the Company’s discretion in the open market or through negotiated transactions, subject to various factors such as market conditions and stock prices. The program can be modified or suspended based on liquidity and other considerations. Moving iMage specializes in digital cinema technology and is also expanding into live entertainment and esports.

Positive

• Renewed share repurchase program of $1 million, enhancing shareholder value.
• Potential future EPS impact with stock buybacks, indicating confidence in financial health.

Negative

• Repurchase program subject to market conditions may limit share buybacks.
• No specific commitment to buy a certain number of shares could lead to uncertainty in stock support.

FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)-- Moving iMage Technologies (NYSE American: MITQ) (“MiT”), a leading digital cinema technology, today announced that its Board of Directors renewed its prior authorization of a share repurchase program permitting the Company to purchase up to an aggregate of $1 million of common stock over the next 12 months.

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.

The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate MiT to purchase any particular number of shares.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230323005730/en/

Moving iMage Technologies Investor Relations and Media Contact:

Brian Siegel, IRC®, M.B.A.

Senior Managing Director

Hayden IR

(346) 396-8696

brian@haydenir.com

Source: Moving iMage Technologies

FAQ

What is the recent share repurchase program for MITQ?

Moving iMage Technologies has renewed its share repurchase program allowing for the purchase of up to $1 million in common stock over 12 months.

How does the share buyback affect MITQ's stock price?

The share buyback program could potentially increase stock prices by reducing the number of shares available in the market.

When was the MITQ share repurchase program announced?

The share repurchase program was announced recently, allowing purchases over the next 12 months.

What factors could influence MITQ's share buyback program?

The timing and extent of share buybacks will depend on market conditions, stock prices, and liquidity considerations.