Perma-Pipe International Stock Down Over 18% As Board Announces Strategic Review

(RTTNews) - Perma-Pipe International Holdings, Inc. (PPIH), a pre-insulated piping and leak detection systems provider, said on Monday that it has initiated a strategic review to boost shareholders' value.

Jon Biro, Chairman of Perma-Pipe, said: "As we seek to close the gap between Perma-Pipe's public market valuation and the company's sum-of-the-parts value, the Board has authorized a comprehensive review of strategic alternatives."

The company is evaluating a wide range of value creation alternatives, including, but not limited to, continued execution of the firm's business plan, sale of one or more of Perma-Pipe's divisions, or a sale of the entire company.

Energy Capital Solutions, LLC is serving as financial advisor, and Gray Reed & McGraw LLP is serving as legal counsel for this strategic review.

PPIH was down by 17.68% at $25.55 on the Nasdaq.