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Moving iMage Technologies (MiT) Announces 10b5-1 Stock Trading Plan
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Moving iMage Technologies (MITQ) has entered into a 10b5-1 stock trading plan to facilitate its $1 million share repurchase program. Through June 30, 2023, the company has repurchased approximately 273,000 shares for $303,000, leaving $697,000 available for future repurchases. The stock trading plan allows for repurchases during blackout periods, expanding the number of days available for repurchases from 90 to 250 days annually.
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FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)--
Moving iMage Technologies (NYSE American: MITQ) (“MiT”), a leading technology and services company for cinema, Esports, stadiums, arenas and other out-of-home entertainment venues, today announced it has entered into a 10b5-1 stock trading plan to facilitate the Company’s previously re-authorized one-year, $1 million share repurchase program announced on March 23, 2023. All repurchases will be implemented in accordance with the applicable requirements of Rule 10b-18 under the U.S. Securities Exchange Act of 1934. Through June 30, 2023, the Company had repurchased approximately 273,000 shares for $303,000, leaving $697,000 available for future repurchases.
The Company is establishing a 10b5-1 stock trading plan that allows for repurchases of MITQ common stock during blackout periods based on MiT's insider trading policy that surround important corporate events, announcements and quarterly earnings releases, therefore expanding the number of days available to repurchase shares from approximately 90 days to 250 days on an annual basis. An independent U.S. broker-dealer is acting as the Company’s agent to purchase its shares on pre-arranged terms pursuant to the Rule 10b5-1 stock trading plan.
About Moving iMage Technologies
MOVING iMAGE TECHNOLOGIES (NYSE American: MITQ) is a leading provider of technology, products, and services to the Motion Picture Exhibition industry and is expanding into live entertainment venues and Esports. We sell proprietary products, which we design and manufacture in-house, and are developing, introducing, and supporting a wide range of disruptive technologies that will bring SaaS and subscription-based products. Our Caddy brand of proprietary manufactured products is a leading provider of cup holders, trays, and other products to entertainment and sports venues. For more information, visit www.movingimagetech.com.
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. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements.
moving image technologies is a manufacturer of standard and custom designed equipment and high level distributor of technology and equipment to the motion picture exhibition industry. we offer a wide range of products and services such as custom engineering, systems design, integration and installation, digital technology solutions for 3d, digital cinema, audio visual integration, and, through our rydt entertainment systems division, turnkey ffe solutions for new construction and remodels to include procurement, design, consulting, installation and project management. based in fountain valley california, our 28,000 sq ft facility is home to our corporate offices, engineering & manufacturing, distribution, integration as well as service and support divisions. our strategic location is augmented by a global network of service partners & oem manufacturers.