The Board of Directors at P&F Industries, Inc. has authorized the Melville company to repurchase up to 100,000 shares of the Company’s Class A Common Stock from time to time over the next 12 months through a “10b5-1 trading plan”, and potentially through open market purchases, privately negotiated transactions, or other methods.
The timing, number and value of shares repurchased under the program will depend on a number of factors, including the constraints specified in the 10b5-1 trading plan, price, general business and market conditions, and alternative investment opportunities.
The Company adopted a written trading plan for the purpose of repurchasing up to 100,000 shares of its common stock for a period of up to twelve months in accordance with the guidelines specified under Rule 10b5-1 under the Securities Exchange Act of 1934. Purchases under the 10b5-1 trading plan will commence on September 17, 2018 provided that the purchase parameters set forth in the plan are met.
A trading plan under Rule 10b5-1 allows companies to repurchase shares at times when they might otherwise be prevented from doing so by securities laws or because of self-imposed trading blackout periods. Repurchases made under the trading plan are subject to the Securities and Exchange Commission’s regulations, as well as certain price, market, volume, and timing constraints specified in the trading plan.
Richard Horowitz, chairman, chairman of the board and president of P&F Industries, commented, “We believe that the Company’s shares remain undervalued and that repurchasing shares continues to be in the best interests of our stockholders. We remain confident in P&F’s long-term prospects.”