Perma-Pipe International Holdings, Inc. Announces the Cancellation of Treasury Stock

Rhea-AI Summary

Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced the cancellation of 239,168 shares of treasury stock, representing all shares held as of July 26, 2022. This action follows a $3.0 million stock repurchase program authorized by the Board on October 4, 2021. Currently, $965,000 remains available for future purchases under this program. The strategic move is aimed at managing capital and enhancing shareholder value.

Positive

• 239,168 shares of treasury stock canceled, improving share structure.
• $965,000 remains available for further stock repurchases, indicating strong capital management.

Negative

• None.

NILES, Ill.--(BUSINESS WIRE)-- Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today that on July 26, 2022, it cancelled 239,168 shares of treasury stock representing all the treasury shares held by the Company on that date. On October 4, 2021, the Board of Directors authorized a $3.0 million, 12-month stock repurchase program. Currently, $965 thousand of the initial $3.0 million remains available for future purchases.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220822005522/en/

Perma-Pipe International Holdings, Inc.

David Mansfield, President and CEO

Perma-Pipe Investor Relations

(847) 929-1200

investor@permapipe.com

Source: Perma-Pipe International Holdings, Inc.

FAQ

What recent actions did Perma-Pipe International Holdings (PPIH) take regarding its treasury stock?

Perma-Pipe International Holdings canceled 239,168 shares of treasury stock on July 26, 2022.

What is the status of the stock repurchase program for Perma-Pipe International Holdings?

As of now, $965,000 remains available for future purchases from the initial $3.0 million authorized repurchase program.

When was the stock repurchase program authorized for Perma-Pipe (PPIH)?

The stock repurchase program was authorized on October 4, 2021.