- Digital cinema technology company Moving iMage Technologies (NYSE: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.
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