Sono-Tek Corporation (OTCMKTS:SOTK) Files An 8-K Other EventsItem 8.01 Other Events.
Dr. Christopher L. Coccio, Chairman of the Board & Chief Executive Officer of Sono-Tek Corporation (the "Company"), has decided to monetize a portion of his equity position in the Company's common stock in order to fund his grandchildren’s higher education/college and diversify his portfolio in a systematic, non-discretionary manner with minimal market impact and in accordance with applicable law and regulations.
Accordingly, to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, Dr. Coccio adopted a written plan on December 10, 2018 relating to future sales of the Company's common stock. Dr. Coccio’s plan will be executed over three periods beginning December 10, 2018 through January 14, 2019, March 1, 2019 through May 15, 2019 and September 1, 2019 through October 15, 2019, unless sooner terminated. Under Dr. Coccio’s plan, orders to sell shares of the Company's common stock will be placed on the open market at prevailing market prices, subject to a price floor. The maximum number of shares to be sold to the plan is 120,761 shares of the Company's common stock.
About Sono-Tek Corporation (OTCMKTS:SOTK)
Sono-Tek Corporation is engaged in the development, manufacture and sale of ultrasonic liquid atomizing nozzles. The Company utilizes its technology, ultrasonic spray coating, to provide customized coating solutions to a range of manufacturing companies, enabling to develop new products. The Company operates through two segments: ultrasonic spray coating systems, which is in the business of developing, manufacturing, selling, installing and servicing ultrasonic spray coating equipment, and real estate operations, which is in the business of owning and operating the Sono-Tek Industrial Park. The Company offers its products to a range of markets, including electronics, advanced energy (solar and fuel cells), medical device, glass, textiles and foods. The Company serves electronics industry in approximately two sectors, printed circuit board (PCB) manufacturing and semiconductor manufacturing. It offers products, such as SonoFlux 2000F, SelectaFlux, MediCoat I, Medicoat II and WideTrack.