Maris-Tech Completes its Share Repurchase Program

Rhea-AI Summary

Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) announces the completion of its share repurchase program, acquiring 120,715 ordinary shares, representing 1.5% of its total shares, at an average cost of $0.987 per share as of March 31, 2023. This strategic move aims to enhance shareholder value and reflects management’s confidence in the company’s future. The company specializes in intelligent video transmission technology and has been actively working on expanding its presence in commercial and tactical applications across various sectors.

Positive

• Completed share repurchase program, acquiring 1.5% of shares.
• Demonstrates management's confidence in future growth.
• Repurchase may enhance shareholder value.

Negative

• None.

The company acquired 1.5% of its ordinary shares.

REHOVOT, Israel, April 03, 2023 (GLOBE NEWSWIRE) -- Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the "Company"), a B2B provider of intelligent video transmission technology with artificial intelligence (AI) acceleration for edge platforms, today announces that its previously announced share repurchase program (the “Repurchase Program”) was completed on March 31, 2023.

The Company repurchased 120,715 of its ordinary shares, no par value per share (the “Ordinary Shares”), representing approximately 1.5% of its issued and outstanding Ordinary Shares, at an average price of $0.987 per Ordinary Share.

About Maris-Tech Ltd.

Maris-Tech is a B2B provider of intelligent video transmission technology, founded by veterans of the Israel technology sector with extensive electrical engineering and imaging experience. Our products are designed to meet the growing demands of commercial and tactical applications, delivering high-performance, compact, low power and low latency solutions to companies worldwide, including leading electro-optical payload, radio frequency, datalink and unmanned platform manufacturers as well as defense, homeland security, and communication companies. For more information, visit https://www.maris-tech.com/.

Forward-Looking Statement Disclaimer

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully market our products and services, including in the United States; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in the Annual Report on Form 20-F for the year ended December 31, 2022, filed with the SEC and our other filings with the SEC.  We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

+972-72-2424022
ir@maris-tech.com

 

FAQ

What was the amount of shares repurchased by Maris-Tech?

Maris-Tech repurchased 120,715 of its ordinary shares.

What percentage of Maris-Tech's shares were acquired in the repurchase program?

The repurchase program acquired approximately 1.5% of Maris-Tech's issued and outstanding ordinary shares.

What was the average price per share for Maris-Tech's buyback?

The average price per share for the buyback was $0.987.

When was the share repurchase program completed?

The share repurchase program was completed on March 31, 2023.

How might the share buyback impact Maris-Tech's stock price?

The share buyback could enhance shareholder value, potentially positively affecting stock price.