Alpha Pro Tech, Ltd. (NYSE:APT), a leading manufacturer of products designed to protect people, products and environments, including disposable protective apparel and building products, today announced that its Board of Directors has authorized a $2.0 million expansion of the Company’s existing share repurchase program.
With this authorized expansion, the Company now has approximately $2.3 million available to repurchase shares of the Company’s common stock, $0.3 million of which remains from the previous expansion, most recently announced in December 2022.
Management anticipates repurchasing shares through open market purchases or through privately-negotiated transactions and intends to retire all shares purchased through the share repurchase program. Open market purchases may be executed by the Company’s broker through a pre-arranged repurchase plan, which operates in accordance with the guidelines specified under Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. Any transactions under the repurchase plan will be effected in accordance with the terms of the plan, including specified price, volume and timing conditions, and will be applied against the amount authorized for the Company’s share repurchase program. Other open market and privately-negotiated purchases may occur from time to time outside the repurchase plan based on market and general business conditions, subject to applicable rules and regulations.
