MINNEAPOLIS, MN / ACCESSWIRE / October 16, 2024 / Mill City Ventures III, Ltd. ("Mill City" or the "Company") (NASDAQ:MCVT), a non-bank lender and specialty finance company, today announced the Company's Board of Directors has approved a stock repurchase program up to $2,000,000 for its common stock. Acquisitions pursuant to this stock repurchase program may be made through a combination of open market repurchases in compliance with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, and/or other transactions at the Company's discretion.
"Our stock buyback initiative reflects our firm commitment to maximizing shareholder value in all strategies available to the Company," commented Chief Executive Officer Douglas M. Polinsky. "We believe our business is strong and growing as we move forward with new opportunities."
The Company expects to finance any repurchase with existing cash balances. The stock repurchase program may be suspended or discontinued any time and does not obligate the Company to acquire an amount of stock.
About Mill City Ventures III, Ltd.
Founded in 2007, Mill City Ventures III, Ltd., is a short-term non-bank lending and specialty finance company. More information about the company can be obtained at www.sec.gov or www.millcityventures3.com.
Contact:
Joseph A. Geraci
Chief Financial Officer
jg@millcityventures3.com
612-868-5815
SOURCE: Mill City Ventures III Ltd.
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