Moving iMage Technologies (MiT) Board of Directors Authorizes $1 Million Share Repurchase Program

Key Facts

FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)--Moving iMage Technologies (NYSE: MITQ) (“MiT”), a leading digital cinema technology company, today announced that its Board of Directors authorized a share repurchase program permitting the Company to purchase up to an aggregate of $1 million of common stock over the next 12 months.
“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% growth for fiscal 2022, we believe the stock is significantly undervalued.
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.
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.