BBX Capital, Inc 8-K, filed Oct 21, 2020
BBX Capital, Inc. (BBXIB)
About this 8-K
BBX Capital, Inc filed this 8-K on October 21, 2020, reporting on events of October 20, 2020.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 20, 2020
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BBX CAPITAL, INC. |
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(Exact name of registrant as specified in its charter) |
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Florida |
000-56177 |
82-4669146 |
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(State or other jurisdiction |
(Commission |
(IRS Employer |
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of incorporation) |
File Number) |
Identification No.) |
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401 East Las Olas Boulevard, Suite 800, Fort Lauderdale, Florida |
33301 |
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(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: 954-940-4900
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____________________________________________ |
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(Former name or former address, if changed since last report.) |
Securities registered pursuant to Section 12(b) of the Act: None
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company [X]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the
extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.[X]
Item 8.01 Other Events.
On October 20, 2020, the Board of Directors (the “Board”) of BBX Capital, Inc., a Florida corporation (the “Company”), authorized the repurchase of up to $10 million of shares of the Company’s Class A and Class B common stock. The timing, price, and number of shares repurchased will be based on market conditions, applicable securities laws, and other factors. The stock repurchases may be made from time to time through solicited or unsolicited transactions in the open market or in privately negotiated transactions. The stock repurchase authorization does not obligate the Company to repurchase any specific number of shares and may be suspended, modified, or terminated at any time without prior notice. As of October 20, 2020, the Company had approximately 19,317,687 shares of common stock outstanding. A copy of the press release announcing the Board’s authorization of the stock repurchases is attached as Exhibit 99.1 hereto.
(d) Exhibits.
Exhibit No. Description
99.1Press release dated October 20, 2020
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: October 21, 2020
BBX Capital, Inc.
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By: /s/ Brett Sheppard |
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Brett Sheppard |
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Chief Financial Officer |
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Exhibit 99.1
BBX Capital Inc.’s Board Approves Share Repurchase Program
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)-- BBX Capital Inc. (“BBX Capital” or the “Company”) (OTCQX: BBXIA) (PINK: BBXIB) announced today that its Board of Directors has approved a share repurchase program which authorizes the repurchase of shares of the Company’s Class A and Class B Common Stock at an aggregate cost of no more than $10 million. The repurchase program authorizes the Company, in management’s discretion, to repurchase shares from time to time subject to market conditions and other factors.
About BBX Capital, Inc.: BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) (formerly a subsidiary of BBX Capital Corporation) is a Florida-based diversified holding company whose principal investments include BBX Capital Real Estate, BBX Sweet Holdings, and Renin. For additional information, please visit www.BBXCapital.com.
This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. All opinions, forecasts, projections, future plans or other statements, other than statements of historical fact, are forward-looking statements. The forward-looking statements in this press release are also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and involve substantial risks and uncertainties, including, but not limited to, the amount of shares, if any, which may be repurchased by the Company in the future, the value of any shares repurchased by the Company, the timing of any share repurchases, and the availability of funds for the repurchase of shares. In addition to the risks and factors identified above, reference is also made to other risks and factors detailed in reports filed by the Company with the Securities and Exchange Commission, including the Company’s Registration Statement on Form 10 as amended, which may be viewed on the SEC's website, www.sec.gov or on BBX Capital’s website, www.BBXCapital.com. BBX Capital cautions that the foregoing factors are not exclusive.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201020006270/en/
BBX Capital, Inc. Contact Info:
Investor Relations: Leo Hinkley, Managing Director, Investor Relations Officer 954-940-5300, Email: LHinkley@BBXCapital.com
Media Relations: Kip Hunter, Kip Hunter Marketing 954-303-5551, Email: kip@kiphuntermarketing.com