P&F Industries repurchases 85,791 shares from seller in accretive transaction
P&F Industries announced that effective, November 19, it repurchased 85,791 shares of its common stock from an unaffiliated seller in a privately negotiated transaction for approximately $8.14 per share for total purchase price of approximately $698,000. The purchase price was based on the average closing price over the three days prior to the November 16, date of agreement with the seller. Richard Horowitz, Chairman and CEO of the company, commented, "This transaction, which is in addition to our current 100,000 shares stock repurchase program that began in September 2018, enables us to make use of our capital to acquire a meaningful block of company shares at what we believe is a favorable price. The repurchase should be immediately accretive to earnings per share."