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MT. LAUREL, N.J., March 07, 2025--(BUSINESS WIRE)--inTEST Corporation (NYSE American: INTT), a global supplier of innovative test and process technology solutions for use in manufacturing and testing in key target markets which include semiconductor ("semi"), industrial, automotive/EV, life sciences, defense/aerospace and security, today announced that its Board of Directors has renewed its $10 million stock repurchase plan ("the plan") which has approximately $9 million remaining.
Nick Grant, President and CEO of inTEST Corporation, "Renewing our stock repurchase plan is a confirmation of our belief in the long-term value we are creating through innovative solutions that solve our customers’ most challenging problems. It is also a statement of our confidence in our expectations to continue to grow inTEST over time as we deepen our reach into targeted markets, broaden our customer base and expand our geographic presence."
The Company’s board originally authorized the repurchase of its common stock through open market purchases commencing November 17, 2023 and continuing through November 17, 2024, provided that the aggregate repurchases do not exceed $10.0 million. From inception through the plan’s initial expiration date, the Company had repurchased 141,117 shares for $1,038,850. The balance of the plan, or $8,961,150, is available for additional repurchases.
The stock repurchase plan is intended to provide the Company with an effective mechanism for capital management. The timing and amount of any shares repurchased under the plan will be determined by the Company, based on its evaluation of market conditions and other factors. The Company may repurchase shares from time to time on the open market, in privately negotiated transactions, or under a Rule 10b5-1 plan.
The Company is not obligated to purchase any common stock under the repurchase plan. Further, the repurchase plan has no fixed expiration date and the Board of Directors may suspend or discontinue the repurchase plan at any time without prior notice. inTEST Corporation had approximately 12.4 million shares of common stock outstanding as of October 31, 2024.
About inTEST Corporation
inTEST Corporation is a global supplier of innovative test and process technology solutions for use in manufacturing and testing in key target markets including automotive/EV, defense/aerospace, industrial, life sciences, and security, as well as both the front-end and back-end of the semiconductor manufacturing industry. Backed by decades of engineering expertise and a culture of operational excellence, inTEST solves difficult thermal, mechanical, and electronic challenges for customers worldwide while generating strong cash flow and profits. inTEST’s strategy leverages these strengths to grow organically and with acquisitions through the addition of innovative technologies, deeper and broader geographic reach, and market expansion. For more information, visit intest.com.