Emerson Radio Corp. Expands Stock Repurchase Program
September 05 2017 - 4:20PM
Business Wire
Emerson Radio Corp. (NYSE American:MSN) today announced that its
Board of Directors has approved an increase in the Company’s
current stock repurchase program by an additional $5 million, for a
total authorization since inception of the program of $10 million.
The Board of Directors also approved an extension of the program to
June 30, 2018, unless completed sooner or otherwise extended.
Through August 31, 2017, the Company has repurchased an aggregate
of 2,392,964 shares of its common stock under the program since
inception of the program in December 2016 at an average price of
$1.46 per share or an aggregate cost of approximately $3.5 million
(exclusive of commissions).
As previously announced, the program allows for the repurchase
of the Company’s common stock from time to time at prevailing
market prices, through open market or in privately negotiated
transactions, which may include, in whole or in part, the
establishment of a purchase program pursuant to the safe harbor
provided by Rule 10b5-1 under the Securities Exchange Act of 1934,
through block purchases or through accelerated or forward or
similar stock purchases. Under the program, repurchases will be
funded from available working capital and any repurchased shares
will be held as authorized but unissued shares and will be
available for general corporate purposes.
About Emerson Radio Corp.
Emerson Radio Corp. (NYSE American: MSN), incorporated in 1994,
is headquartered in Hackensack, N.J. The Company designs, sources,
imports and markets a variety of houseware and consumer electronic
products, and licenses its trademarks to others on a worldwide
basis for a variety of products. For more information, please visit
Emerson Radio’s web site at www.emersonradio.com.
Forward Looking Statements
This news release may contain certain “forward-looking
statements” within the meaning of Section 27A of the Securities
Exchange Act of 1934, as amended, that represent the Company’s
expectations or beliefs concerning further events. Such
forward-looking statements are inherently subject to risks and
uncertainties. Such risks and uncertainties include the
continuation of sufficient liquidity to complete stock repurchases,
stock price levels and volatility, alternative uses of funds, the
absence of unforeseen changes in the Company’s markets, legal and
regulatory changes and general changes in the economy. Because of
the risks and uncertainties inherent in forward-looking statements,
readers are cautioned not to place undue reliance on them. The
Company disclaims any obligation to update such forward-looking
statements because of new information or otherwise.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170905006029/en/
Emerson Radio Corp.Investor
RelationsBarry Smith, 973-428-2004Investor Relations
Manager
Emerson Radio (AMEX:MSN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Emerson Radio (AMEX:MSN)
Historical Stock Chart
From Apr 2023 to Apr 2024