Park Aerospace Corp. Announces Share Purchase Authorization

Rhea-AI Summary

Park Aerospace Corp. (NYSE-PKE) announced the authorization to purchase up to 1,500,000 shares of common stock, which is approximately 7% of its total outstanding shares, during a Board of Directors meeting on May 18, 2022. This new buyback program replaces any prior authorizations. Any shares bought will be retained as treasury stock for corporate uses, including the stock option plan. Park develops advanced composite materials for the aerospace market, including solutions for jet and military aircraft, UAVs, and rockets.

Positive

• Authorization to purchase up to 1,500,000 shares, signaling confidence in the company's value.
• Buyback program can enhance shareholder value by reducing the number of outstanding shares.

Negative

• None.

NEWTON, Kan., May 23, 2022 (GLOBE NEWSWIRE) -- Park Aerospace Corp. (NYSE-PKE) announced that, at its regular meeting on May 18, 2022, the Company’s Board of Directors authorized the Company’s purchase, on the open market and in privately negotiated transactions, of up to 1,500,000 shares of its Common Stock. This represents approximately 7% of the Company’s 20,458,210 total outstanding shares as of the close of business on May 18, 2022. This authorization supersedes any unused prior Board of Directors’ authorizations to purchase shares of the Company’s Common Stock. There is no assurance the Company will purchase any shares pursuant to this Board of Directors’ authorization. Shares purchased by the Company, if any, will be retained as treasury stock and will be available for use under the Company’s stock option plan and for other corporate purposes.

Park Aerospace Corp. develops and manufactures solution and hot-melt advanced composite materials used to produce composite structures for the global aerospace markets. Park’s advanced composite materials include film adhesives (undergoing qualification) and lightning strike materials. Park offers an array of composite materials specifically designed for hand lay-up or automated fiber placement (AFP) manufacturing applications. Park’s advanced composite materials are used to produce primary and secondary structures for jet engines, large and regional transport aircraft, military aircraft, Unmanned Aerial Vehicles (UAVs commonly referred to as “drones”), business jets, general aviation aircraft and rotary wing aircraft. Park also offers specialty ablative materials for rocket motors and nozzles and specially designed materials for radome applications. As a complement to Park’s advanced composite materials offering, Park designs and fabricates composite parts, structures and assemblies and low volume tooling for the aerospace industry. Target markets for Park’s composite parts and structures (which include Park’s proprietary composite SigmaStrut™ and AlphaStrut™ product lines) are, among others, prototype and development aircraft, special mission aircraft, spares for legacy military and civilian aircraft and exotic spacecraft. Park’s objective is to do what others are either unwilling or unable to do. When nobody else wants to do it because it is too difficult, too small or too annoying, sign us up.

Additional corporate information is available on the Company’s web site at www.parkaerospace.com.

Contact: Donna D’Amico-Annitto
486 North Oliver Road Bldg. Z
Newton, Kansas 67114
(316) 283-6500

FAQ

What is the significance of Park Aerospace Corp.'s share repurchase program announced on May 18, 2022?

The share repurchase program allows Park Aerospace Corp. to buy back up to 1,500,000 shares, potentially enhancing shareholder value by reducing the total outstanding shares.

How many shares does Park Aerospace Corp. plan to repurchase?

Park Aerospace Corp. plans to repurchase up to 1,500,000 shares of its common stock.

What percentage of total outstanding shares does the buyback represent for Park Aerospace Corp.?

The buyback represents approximately 7% of Park Aerospace Corp.'s total outstanding shares.

What will the repurchased shares of Park Aerospace Corp. be used for?

Repurchased shares will be retained as treasury stock and may be used for the company's stock option plan and other corporate purposes.

What does Park Aerospace Corp. specialize in?

Park Aerospace Corp. specializes in advanced composite materials for the aerospace industry, including applications for jet engines and military aircraft.