Mity Enterprises (NASDAQ:MITY)
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From Jun 2019 to Jun 2024
MITY Enterprises Inc. (Nasdaq: MITY), a designer,
manufacturer and marketer of a variety of institutional furniture,
today announced that it has repurchased 344,150 shares of its
outstanding common stock held by certain directors and affiliates of
the company. As a result, the company retired over 9 percent of its
outstanding shares without reducing the shares available in the public
float. The repurchase, which occurred on Wednesday, Aug. 9, was
completed through privately negotiated transactions at a purchase
price of $17.40 per share.
This buyback is part of the previously approved repurchase of the
company's common stock from time to time in open market and negotiated
or block transactions, including potential repurchases from
shareholders who are directors of the company. The company still has
approximately 140,000 shares available for purchase through the stock
repurchase plan announced earlier this month. Following yesterday's
repurchase, the company has approximately 3.4 million shares of common
stock outstanding.
The company repurchased shares from the following directors and
affiliates:
-0-
*T
Ownership Ownership
Number of Shares before after
Director/Affiliate to be Repurchased Repurchase Repurchase
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Ralph Crump, Director 100,200 2.9% 0.0%
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Marjorie Crump, Affiliate(1) 100,200 2.9% 0.0%
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Constance Crump, Affiliate(2) 103,750 3.9% 0.7%
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Peter Najar, Director 40,000 4.2% 2.8%
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Total as a group 344,150 13.8% 3.5%
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*T
(1) Marjorie Crump is the wife of Ralph Crump.
(2) Constance Crump is the daughter of Ralph Crump and the spouse
of Peter Najar.
"We are grateful to Ralph for the many years of service that he
has given to MITY," said Gregory L. Wilson, chairman of the board of
directors of MITY Enterprises. Wilson added, "Since Mr. Crump's
original investment in MITY in 1988, he has been a wonderful mentor
and contributor to our organization. At 82 years old, he is beginning
to transition into retirement and would like to reduce his
commitments. However, he will continue to serve as both a board member
and mentor during a transition period. Peter still remains a
significant shareholder and remains committed as a valuable member of
our board. The Crump Group provided the original angel capital that
funded the startup phase of our business. They have held onto these
shares for over 18 years. MITY will be forever grateful for their
foresight and support and the risk they took to fund what has now
become a very successful company."
Founded in 1987, MITY Enterprises Inc. designs, manufactures and
markets innovative institutional furniture created to meet the
efficiency needs of its customers. MITY Enterprises focuses on
providing premium quality institutional furniture products to niche
markets. The product lines consist of multipurpose room furniture and
health care seating. MITY's products are marketed under the Mity-Lite,
Broda and Versipanel tradenames. Headquartered in Utah, MITY
Enterprises serves national and international customers directly and
through distributors. For further information, visit MITY Enterprises
online at www.mityinc.com.