ORLANDO, FL / ACCESSWIRE / January 11, 2023 / Laser Photonics Corporation (NASDAQ:LASE), ("LPC"), a leading global industrial developer of CleanTech laser systems for laser cleaning and other materials applications, announced that its Board of Directors authorized a share stock repurchase program permitting the Company to purchase up to an aggregate of 2 million shares of common stock.
"Since raising approximately $12 million in net proceeds from our IPO last October, our financial performance and fundamentals have steadily improved, while our stock price has not reflected this performance," said Wayne Tupuola, chief executive officer. "With approximately $1.50 per share in cash*, no debt and profits, we believe the stock is significantly undervalued. Given this gap in perception, our board of directors has approved a 2 million share buyback."
Purchases made under the program will be made from time to time, at the Company's discretion, in the open market, through privately negotiated transactions or through other manners as permitted by federal securities laws. The timing, manner, price and amount of any repurchases will be determined by the Company and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors.
*Based on post-IPO common stock outstanding of approximately 7.9 million
About Laser Photonics Corporation
Laser Photonics is a vertically-integrated manufacturer and R&D Center of Excellence for industrial laser technologies and systems. LPC seeks to disrupt the $46 billion, centuries old, sand and abrasives blasting markets, focusing on surface cleaning, rust removal, corrosion control, de-painting and other laser-based industrial applications. LPC's new generation of leading-edge laser blasting technologies and equipment also addresses the numerous health, safety, environmental, and regulatory issues associated with the old methods. As a result, LPC has quickly gained a reputation as an industry leader for industrial laser systems with a brand that stands for quality, technology and product innovation. Currently, world-renowned and Fortune 1000 manufacturers in the aerospace, automotive, defense, energy, industrial, maritime, space exploration and shipbuilding industries are using LPC's "unique-to-industry" systems. For more information, visit www.laserphotonics.com.
Laser Photonics Investor and Public Relations Contact:
Brian Siegel, IRC®, M.B.A.
Senior Managing Director
Hayden IR
(346) 396-8696
[email protected]
SOURCE: Laser Photonics Corp.