Maris-Tech Received Court's Approval for up to $1 Million Share Repurchase Plan Process
October 03 2022 - 9:36AM
Maris-Tech Ltd. (Nasdaq: MTEK) (“Maris-Tech” or the “Company”), a
B2B provider of intelligent video transmission technology, today
announced that on September 30, 2022, it received approval from the
Israeli court for its previously announced share repurchase plan
(the “Repurchase Plan”), allowing the Company to use up to $1
million to repurchase its ordinary shares, no par value (the
“Ordinary Shares”). The approval is valid until March 31,
2023.
The Repurchase Plan authorizes the Company’s
management to repurchase Ordinary Shares, from time to time, in
open market transactions, privately negotiated transactions or any
other legally permissible ways, depending on market conditions,
share price, trading volume and other factors. Such repurchases
will be made in accordance with applicable U.S. securities laws and
regulations, under the U.S. Securities Exchange Act of 1934, as
amended, and applicable Israeli law. If the Company has not reached
the maximum amount under the Repurchase Plan on or before March 31,
2023, it will be required to seek additional approval from the
Israeli court to continue the Repurchase Plan.
The Repurchase Plan does not obligate the
Company to repurchase any specific number of the Ordinary Shares
and may be suspended or terminated at any time at management’s
discretion.
About Maris-Tech Ltd.
Maris-Tech is a B2B provider of intelligent
video transmission technology, founded by veterans of the Israel
technology sector with extensive electrical engineering and imaging
experience. Our products are designed to meet the growing demands
of commercial and tactical applications, delivering
high-performance, compact, low power and low latency solutions to
companies worldwide, including leading electro-optical payload, RF
datalink and unmanned platform manufacturers as well as defense,
HLS, and communication companies. For more information, visit
https://www.maris-tech.com/.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, that are intended to be covered by the “safe
harbor” created by those sections. Forward-looking statements,
which are based on certain assumptions and describe our future
plans, strategies and expectations, can generally be identified by
the use of forward-looking terms such as “believe,” “expect,”
“may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,”
“estimate,” “anticipate” or other comparable terms. For example,
Maris-Tech is using forward-looking statements in this press
release when it discusses the Repurchase Plan and the Company’s
potential repurchases of Ordinary Shares under such plan.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
our current beliefs, expectations and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements. Important factors that could
cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the following: our ability to successfully
market our products and services, including in the United States;
the acceptance of our products and services by customers; our
continued ability to pay operating costs and ability to meet demand
for our products and services; the amount and nature of competition
from other security and telecom products and services; the effects
of changes in the cybersecurity and telecom markets; our ability to
successfully develop new products and services; our success
establishing and maintaining collaborative, strategic alliance
agreements, licensing and supplier arrangements; our ability to
comply with applicable regulations; and the other risks and
uncertainties described in the Annual Report on Form 20-F for the
year ended December 31, 2021, filed with the U.S. Securities and
Exchange Commission (the “SEC”), and our other filings with the
SEC. We undertake no obligation to publicly update any
forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
Investor Relations
Michal Efraty,Adi and Michal PR- IRInvestor Relations,
Israel+972-(0)52-3044404michal@efraty.com
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