Schmitt Industries Announces Delay of Delisting and Deregistration of its Common Stock
February 19 2020 - 8:17AM
Schmitt Industries, Inc. (NASDAQ: SMIT) (the “Company” or
“Schmitt”) today announced it will delay the delisting and
deregistration of its common stock (the “Common Stock”) from the
NASDAQ Stock Market (“NASDAQ”). Accordingly, the Company has
not filed a Form 25 with the Securities Exchange Commission and for
the time being the Company’s Common Stock will continue to trade on
NASDAQ. The temporary delay will allow the Company and Board of
Directors to evaluate a shareholder value opportunity in regard to
the delisting.
The Company has no agreement, understanding or commitment with
respect to the shareholder value opportunity, which is at a very
preliminary stage, and there can be no assurance that the Company
will enter into an agreement relating to the transaction or as to
the timing or the terms of such opportunity thereof. The Company
does not intend to provide any additional updates until such time
as it has either fully explored the shareholder opportunity or
entered into a transaction. To the extent that the Company elects
to proceed with delisting, it will provide shareholders and NASDAQ
ten days notice of any intent to file a Form 25.
“We continue to be focused on the execution of our business and
operations. This temporary delay in our delisting is to provide
time to evaluate an opportunity to create additional value from our
delisting and we do not expect it to impact our current delisting
and deregistration plan,” commented Michael R. Zapata, Chairman and
CEO.
Share Repurchases
To date, the Company has repurchased 25,297 shares, at an
average price of $3.02 per share, under its previously announced $2
million share repurchase plan, which was done in accordance with a
10b5-1 plan.
About Schmitt Industries
Schmitt Industries, Inc., founded in 1987, designs, manufactures
and sells high precision test and measurement products, solutions
and services through its Acuity® and Xact® product lines. Acuity
provides laser and white light sensor distance measurement and
dimensional sizing products, and our Xact line provides
ultrasonic-based remote tank monitoring products and related
monitoring revenues for markets in the Internet of Things
environment.
Contact:Schmitt Industries, Inc.Michael R.
ZapataChief Executive Officer (503) 227-7908
Schmitt Industries (NASDAQ:SMIT)
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