SCHMITT INDUSTRIES, INC. (NASDAQ:SMIT) Files An 8-K Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure.
The Board of Directors of Schmitt Industries, Inc. (the Company or Schmitt) authorized a share repurchase plan (the Plan) to buy up to $2 million of its common stock. The timing and amount of share repurchases under the Plan will depend on a number of factors, including Schmitts stock price performance, ongoing capital planning considerations, general market conditions, and applicable legal requirements. Schmitt intends to purchase shares from time to time through open market and private transactions or to a Rule 10b5-1 plan.
On December 3, 2019, Schmitt issued a press release announcing the Plan. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
|99.1 || ||Press release entitled Schmitt Industries Announces $2m Stock Repurchase Plan |
SCHMITT INDUSTRIES INC Exhibit
EX-99.1 2 d811642dex991.htm EX-99.1 EX-99.1 EXHIBIT 99.1 SCHMITT INDUSTRIES ANNOUNCES $2M STOCK REPURCHASE PLAN PORTLAND,…
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About SCHMITT INDUSTRIES, INC. (NASDAQ:SMIT)
Schmitt Industries, Inc. designs, manufactures and sells test and measurement products for two main business segments: the Balancer segment and the Measurement segment. The Company operates through two segments: the design and assembly of dynamic balancing systems and components for the machine tool industry (Balancer), and the design and assembly of laser-based test and measurement systems (Measurement). For the Balancer segment, it designs, manufactures and sells computer-controlled vibration detection, balancing and process control systems for the machine tool industry. Under the Measurement segment, the Company through its subsidiary, Schmitt Measurement Systems, Inc., designs, manufactures and sells laser and white light sensors, laser-based micro roughness measurement products, laser-based surface analysis and measurement products, and ultrasonic measurement products. The Company provides sales and service for Europe and Asia through its subsidiary, Schmitt Europe Limited.
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