Mistras Group, Inc. (MG) to Purchase 1M Shares from CEO Vahaviolos
- Nasdaq hits record; bank earnings validate Wall St. rally
- Intrawest Resorts (SNOW) Exploring a Possible Sale - Reuters
- Alibaba (BABA) Has No Plans to Acquire Rest of Groupon (GRPN) - Source
- Time (TIME) Said to Soon Begin Discussions with Interested Buyers - Bloomberg
- JPMorgan (JPM) Reports Q4 EPS of $1.71
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Mistras Group, Inc. (NYSE: MG) disclosed the following on Thursday:
Item 1.01. Entry into a Material Definitive Agreement.
On August 17, 2016, Mistras Group, Inc. (the “Company”) entered into an agreement with its founder, Chairman and Chief Executive Officer, Dr. Sotirios Vahaviolos, which provides for the Company to repurchase up to 1 million shares of its common stock from Dr. Vahaviolos. The agreement provides for the Company to repurchase $2 million of shares each month, subject to the conditions and limitations of the agreement. The number of shares to be repurchased in a month will be based upon a purchase price equal to 98% of the average daily closing price of the Company’s common stock for the preceding month. The first repurchases are scheduled to occur in October 2016 based upon the average daily closing price of the Company’s common stock for September 2016. No repurchases will be made for any month in which the average daily closing price is below $21.00 or above $29.00.
The agreement will terminate upon the earlier of the following to occur: (a) 1 million Shares are repurchased by the Company, (b) for a period of 4 consecutive months, no shares are repurchased because the average daily closing price for each of those months was either below the minimum of $21.00 or above the maximum of $29.00, or (c) upon written notice by either party (in which case the Company and Dr. Vahaviolos will not enter into a similar agreement for a period of six months).
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Delphi Automotive (DLPH) to Take $300M Pre-Tax Charge Related to Summary Judgment in Unsecured Creditors Litigation
- Eaton Vance (EV) Declares $0.28 Quarterly Dividend and Approves 8M Share Buyback
- Tucows (TCX) Names Co-Founder Brad Burnham to Board of Directors
Create E-mail Alert Related CategoriesCorporate News, Insider Trades, Stock Buybacks
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!