Schmitt Industries Announces Delay of Delisting and Deregistration of its Common Stock
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
To date, the Company has repurchased 25,297 shares, at an average price of
Chief Executive Officer
Source: Schmitt Industries, Inc.