Moving iMage Shares Jump After Retiring $3.1M Outstanding Debt

Digital cinema technology company Moving iMage Technologies MITQ used existing cash on hand to repay $3.1 million in debt, including accrued interest and debt retirement fees, during the Q1 of FY22, eliminating substantially every short and long-term debt liabilities on the balance sheet.
It did not utilize its July 12 IPO proceeds. It expects a waiver of the remaining debt from a second Payroll Protection Program (PPP) loan.
Moving iMage expects to realize annualized interest expense savings of nearly $0.3 million.
Price Action: MITQ shares traded higher by 7.43% at $2.89 in the market session on the last check Wednesday.