Ballantyne Strong Authorises Share Repurchase Program

Ballantyne Strong, Inc, a diversified provider of digital technology services, products and solutions, announced that its Board of Directors has authorised the repurchase of up to 700,000 shares of its outstanding common stock, or approximately 5.0% of its outstanding shares, pursuant to a plan adopted under Rule 10b5-1 of the Securities Exchange Act of 1934 (the “Act”).
“Considering the Company’s strong cash position and balance sheet, Ballantyne’s Board has decided to authorise a share repurchase program for possible share repurchases,” stated Chairman of the Board of Directors, Kyle Cerminara.
“Importantly, this action is not a change in overall strategy as Ballantyne remains committed to seeking opportunities to grow organically and identify acquisition opportunities that will leverage our expertise, market position and capital access,” added Mr Cerminara.
A plan under Rule 10b5-1 allows a company to repurchase its shares at times when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. A broker selected by Ballantyne Strong will have the authority under the terms and limitations specified in the plan to repurchase shares on Ballantyne Strong’s behalf in accordance with the terms of the plan. Because the repurchases under the plan are subject to certain pricing parameters and other regulatory requirements applicable to repurchase under Rule 10b-18 of the Act, there is no guarantee as to the exact number of shares that will be repurchased under the plan, or that there will be any repurchases pursuant to the plan.

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