Sono-Tek Corporation announced that its Board of Directors has authorized a share repurchase program of up to $2.0 million of the company's outstanding common stock. This program reflects management's confidence in Sono-Tek's financial strength and long-term growth strategy.
The company plans to fund the Repurchase Program using existing cash on hand and future cash flows. As of August 31, 2024, Sono-Tek reported approximately $11.6 million in cash, cash equivalents, and marketable securities, with no outstanding debt on its balance sheet.
Approximately 15,751,000 shares of common stock were outstanding as of August 31, 2024. The volume, timing, and manner of repurchases will be determined at Sono-Tek's discretion, subject to market conditions and capital management.
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