Park Electrochemical Corp. (PKE) said Thursday that its Board of Directors has authorized the company's purchase, on the open market and in privately negotiated transactions, of up to 1 million shares of its common stock, representing about 5% of the company's about 20.8 million total outstanding shares as of the close of business on October 17.
The latest authorization supersedes any unused prior Board of Directors' authorizations to purchase shares of the company's common stock.
Purchases by the company pursuant to the latest authorization may occur from time to time in the future. Shares purchased by the company will be retained as treasury stock and will be available for use under the company's stock option plan and for other corporate purposes.
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