Industrial Nanotech Inc (OTCMKTS:INTK) Stock Gains After Stock Buyback Program
Global nanoscience solutions and research leader, Industrial Nanotech (OTCMKTS:INTK), on May 25, 2022, announced the launch of a stock buyback program from June 1, 2022. The aim of the program will be to lower the total number of the issue as well as outstanding shares of common stock of the firm, increase shareholder value as well as position the firm for up-listing for a senior exchange in early 2023.
Market Stats
On Friday, INTK stock gained 1.50% to $0.0169 with more than 6.06 million shares, compared to its average volume of 10.92 million shares. The stock moved within a range of $0.0156 – 0.0199 after opening trading at $0.0199.
Industrial Nanotech Inc Announces Stock Buyback Program
The buyback will enable the company to repurchase shares of the firm’s common stock. The amount and frequency of the stock buyback will be assessed by the U.S. Securities and Exchange Commission regulations and revenue. The decision to implement the stock buyback initiative this year itself is a result of its financial performance data released on May 17 for quarter one of the year.
The company posted a quarterly revenue record of more than $3 million, which was 678% higher than the previous year. The net profit was $1,637,412 resulting in the highest positive quarter result in the company’s history.
Stuart Burchill, CEO of Industrial Nanotech said that the usage of the balance sheet to lower the outstanding common shares can augment shareholder value while keeping sufficient cash reserves for funding global business operations. Burchill further said that the stock buybacks will be done in compliance with the regulations outlined by the SEC. Burchill added that the stock buyback program shows a strong commitment to delivering long-term shareholder value.
Key Quote
Stuart Burchill, CEO of Industrial Nanotech, states, “By using our strong balance sheet to reduce the number of outstanding common shares, we can increase shareholder value while maintaining sufficient cash reserves to fund our global business operations. We will buy back as many shares as possible and as fast as we can.”
Traders Corner
INTK stock is trading below the 20-Day and 50-Day Moving averages of $0.0200 and $0.0269 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0177.
