Moving iMage Technologies (NYSE: MITQ) (“MiT”), a digital cinema technology company, recently announced that its Board of Directors authorised a share repurchase program permitting the Company to purchase up to an aggregate of $1 million of common stock over the next 12 months.
“Since coming public last July, our financial performance and fundamentals have steadily improved, while our stock price has not reflected this performance,” said Phil Rafnson, chief executive officer. “With a strong, debt-free balance sheet that had nearly $1 per share in cash as of our most recent earnings report and revenue guidance of 155-169 percent growth for fiscal 2022, we believe the stock is significantly undervalued. Given this gap in perception, our board of directors has approved a $1 million buyback 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.