Schmitt Industries and Directors Acquire 509,331 Shares of SMIT
Schmitt Industries, Inc. (SMIT)
US:NASDAQ Investor Relations:
investor.schmitt-ind.com/investor-relations
Company Research
Source: GlobeNewswire
PORTLAND, Ore., Dec. 18, 2019 (GLOBE NEWSWIRE) -- Schmitt Industries, Inc. (NASDAQ: SMIT) (the “Company” or “Schmitt”) today announced that the Company, together with three directors (“Directors”) of the Schmitt Board of Directors (the “Board’), acquired 509,331 shares of common stock of Schmitt (the “Shares”) from Walter Brown Pistor. Prior to the acquisition of the Shares (the “Acquisition”), Mr. Pistor was the Company’s second largest shareholder. Following the Acquisition, Mr. Pistor no longer holds any shares in Schmitt. The aggregate consideration paid by Schmitt and the Directors in the Acquisition was $1,655,325.75, or $3.25 per share. The Company purchased the Shares from Mr. Pistor after Mr. Pistor expressed his desire to sell his entire position in Schmitt to Michael Zapata, the Chairman of the Board and CEO of Schmitt. Mr. Zapata, together with the rest of the Board, determined it was in the best interest of Schmitt shareholders for Schmitt to purchase the majority of t
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