Sono-tek Corp (SOTK) Announces $2M Share Buyback

Sono-Tek Corporation (Nasdaq: SOTK), the leading developer and manufacturer of ultrasonic coating systems, today announced that its Board of Directors has authorized the repurchase of up to $2.0 million of Sono-Tek’s outstanding common stock (the “Repurchase Program”).

Dr. Christopher L Coccio, Executive Chairman, stated, “We are pleased to announce the Repurchase Program and believe that it demonstrates our financial strength and confidence in our long-term growth strategy. With our solid balance sheet and record backlog, we believe this program represents an attractive opportunity to further enhance shareholder value while maintaining the flexibility to invest in our strategic initiatives.”

Under the Repurchase Program, Sono-Tek may repurchase for cash from time-to-time shares of its common stock through open market purchases or by other means pursuant to a Rule 10b-18 plan, in compliance with applicable securities laws and other legal requirements. The volume, timing, and manner of any repurchases will be determined at Sono-Tek’s sole discretion, subject to general market conditions, as well as Sono-Tek’s management of capital, general business conditions, other investment opportunities, regulatory requirements and other factors. The Repurchase Program does not obligate Sono-Tek to repurchase any specific number of shares, has no time limit, and may be modified, suspended, or discontinued at any time at Sono-Tek’s discretion.

Sono-Tek currently expects to fund the Repurchase Program from existing cash on hand and future cash flows. As of August 31, 2024, Sono-Tek had cash, cash equivalents and marketable securities of approximately $11.6 million and has no debt on its balance sheet. SOTK had approximately 15,751,000 shares of common stock outstanding as of August 31, 2024.

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