HACKENSACK, N.J.--(BUSINESS WIRE)--Emerson Radio Corp. (NYSE American: MSN) today announced that its Board of Directors has extended the Company’s current stock repurchase program to December 31, 2018. The stock repurchase program, which was initially established in December 2016, allows for the repurchase of up to $10 million of the Company’s outstanding common stock. The Company has repurchased approximately $6.7 million of its common stock under the program as of June 15, 2018.
As previously announced, the program allows for the repurchase of the Company’s common stock from time to time at prevailing market prices, through open market or in privately negotiated transactions, which may include, in whole or in part, the establishment of a purchase program pursuant to the safe harbor provided by Rule 10b5-1 under the Securities Exchange Act of 1934, through block purchases or through accelerated or forward or similar stock purchases. Under the program, repurchases will be funded from available working capital and any repurchased shares will be held as authorized but unissued shares and will be available for general corporate purposes.
About Emerson Radio Corp.
Emerson Radio Corp. (NYSE American: MSN), incorporated in 1994, is headquartered in Hackensack, N.J. The Company designs, sources, imports and markets a variety of houseware and consumer electronic products, and licenses its trademarks to others on a worldwide basis for a variety of products. For more information, please visit Emerson Radio’s web site at www.emersonradio.com.
Forward Looking Statements
This news release may contain certain “forward-looking statements” within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended, that represent the Company’s expectations or beliefs concerning further events. Such forward-looking statements are inherently subject to risks and uncertainties. Such risks and uncertainties include the continuation of sufficient liquidity to complete stock repurchases, stock price levels and volatility, alternative uses of funds, the absence of unforeseen changes in the Company’s markets, legal and regulatory changes and general changes in the economy. Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them. The Company disclaims any obligation to update such forward-looking statements because of new information or otherwise.