Schmitt Industries slides on termination of letter of intent to sell unit assets

Schmitt Industries

16/06/2022 18:07

** Shares of industrial measuring equipment maker Schmitt
Industries Inc  SMIT.O  fall to a near eight-month low of $3.76
    ** Co says it is terminating its letter of intent (LOI) to
sell all assets related to its business Xact, which remotely
monitors the fill levels of tanks holding propane, diesel, etc.)
after co's board did not approve of the transaction  urn:newsml:reuters.com:*:nFWN2Y303Q
    ** SMIT entered the LOI in May [nPn3zs9Jqa}
    ** Including session losses, stock has fallen 31.3% YTD
    

 (Reporting by Raechel Thankam Job)
 ((RaechelThankam.Job@thomsonreuters.com;))