Business
Lakeland Industries Announces New $5.0 Million Stock Repurchase Program
DECATUR, AL / ACCESSWIRE / February 17, 2021 / Lakeland Industries, Inc. (NASDAQ:LAKE) (the "Company" or "Lakeland"), a leading global manufacturer of
About this update from Lakeland Industries, Inc.
[{"type":"text","content":"DECATUR, AL / ACCESSWIRE / February 17, 2021 / Lakeland Industries, Inc. (NASDAQ:LAKE) (the \"Company\" or \"Lakeland\"), a leading global manufacturer of protective clothing for industry, healthcare and to first responders on the federal, state and local levels, today announced that its Board of Directors has authorized a new stock repurchase program under which the Company may repurchase up to $5,000,000 of its outstanding common stock. This new program replaces the prior program which had approximately $800,000 remaining for repurchases.Charles D. Roberson, President and Chief Executive Officer of Lakeland Industries, commented, \"The Board's approval of this new and substantially expanded repurchase program reflects its commitment to optimizing shareholder returns. Given the increase in our stock price to recent record levels, the $800,000 funding remaining in the previous program limited the potential of the program and our Board of Directors has proactively addressed the issue by approving this significantly larger program.Under the program announced today, share repurchases may be made from time to time depending on market conditions, share price and availability and other factors at Lakeland's discretion. Lakeland's repurchase of shares will take place in open market transactions at prevailing market prices or in privately negotiated transactions in accordance with applicable securities and other laws, including the Securities Exchange Act of 1934. Depending on market conditions and other factors, the repurchase program may be suspended or discontinued by Lakeland at any time without prior notice. The repurchased shares will be held as treasury stock and may be used for funding stock issuances under employee stock plans approved by shareholders and other general corporate purposes, including but not limited to potential acquisitions.About Lakeland Industries, Inc.We manufacture and sell a comprehensive line of industrial protective clothing and accessories for the industrial and public protective clothing market. Our products are sold globally by our in-house sales teams, our customer service group, and authorized independent sales representatives to a network of over 1,600 global safety and industrial supply distributors. Our authorized distributors supply end users, such as integrated oil, chemical/petrochemical, autom...