Moving iMage surges on multiple purchase orders for equipment upgrades
Dec. 07, 2021 6:28 AM ETMoving iMage Technologies, Inc. (MITQ)By: Meghavi Singh, SA News Editor
- Moving iMage Technologies (NYSE:MITQ) has recently received three procurement contracts for upgrades.
- The purchase orders are part of a nascent upgrade cycle for aging digital cinema technology and equipment and are fueled by the Shuttered Venue Operators Grant distributed under the Cares Act.
- The SVOG is an SBA grant assisting eligible venues affected by COVID-19, including motion picture theatre operators.
- As of November 29, 2021, motion picture operators have received over $1.9B in initial funding and $0.6B in supplemental funding to help them recover from the impact of COVID-19.
- Shares are up 8.29% PM.