- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
