Business
Cemtrex Announces Share Repurchase Program for Series 1 Preferred
Brooklyn, NY, Aug. 23, 2023 (GLOBE NEWSWIRE) -- Cemtrex Announces Share Repurchase Program for Series 1 Preferred Brooklyn, N.Y., August 23, 2023 -- Cemtrex
About this update from Cemtrex Inc.
[{"type":"text","content":"Brooklyn, NY, Aug. 23, 2023 (GLOBE NEWSWIRE) -- Cemtrex Announces Share Repurchase Program for Series 1 Preferred Brooklyn, N.Y., August 23, 2023 -- Cemtrex (Nasdaq: CETX, CETXP), an advanced security technology and industrial services company, announced today that its Board of Directors has authorized a share repurchase program under which the Company may repurchase up 2,300,000 shares of its outstanding Series 1 Preferred Stock from time-to-time commencing September 1, 2023 and ending on August 31, 2026, subject to market conditions. \"Cemtrex’s Board of Directors and management team believe that the market currently undervalues our business,\" commented Saagar Govil, CEO of Cemtrex. \"The share repurchase program provides us with flexibility to repurchase the preferred stock over time if market conditions persist.\" Under the share repurchase program, the Company may periodically repurchase its preferred stock through open market transactions, privately negotiated transactions, block trades or any combination thereof in compliance with applicable securities laws and the Company’s insider trading policy. The number of shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price, trading volume, and general market conditions, along with Cemtrex’s working capital requirements and general business conditions. The share repurchase program does not obligate the Company to acquire any specific number of shares in any period, and may be expanded, extended, modified or discontinued at any time. About Cemtrex Cemtrex Inc. (CETX) is a company that owns two operating subsidiaries: Vicon Industries Inc and Advanced Industrial Services Inc. Vicon Industries, a subsidiary of Cemtrex Inc., is a global leader in advanced security and surveillance technology to safeguard businesses, schools, municipalities, hospitals and cities. Since 1967, Vicon delivers mission-critical security surveillance systems, specializing in engineering complete security solutions that simplify deployment, operation and ongoing maintenance. Vicon provides security solutions for some of the largest municipalities and businesses in the U.S. and around the world, offering a wide range of cutting-edge and compliant security technologies, from AI-driven video analytics to fully integrated access control solution...