6-K
Ituran Location & Control Ltd. (ITRN)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
August 2, 2021
Commission File Number: 001-32618
Ituran Location and Control Ltd.
(Exact name of Registrant as specified in its Charter)
________________________
3 Hashikma Street, Azour 58001, Israel
(Address of Registrant’s principal executive offices)
________________________
| Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. |
|---|
| Form 20-F ☒ Form 40-F ☐ |
| Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1): |
| Yes ☐ No ☒ |
| Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7): |
| Yes ☐ No ☒ |
| Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission<br> pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. |
| Yes ☐ No ☒ |
| If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): ______<br><br> <br><br><br> <br>This 6-K Report of Ituran, is incorporated by reference into Ituran registration statement on Form F-3 (File No. 333-222289). |
On August 2, 2021, Ituran Location and Control Ltd. issued a press release announcing execution of Rule 10b-5 and Rule 10b-18 agreements as part of a Repurchase Program.
The following document is attached hereto and incorporated by reference herein:
SIGNATURE
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, thereto duly authorized.
| ITURAN LOCATION & CONTROL LTD. | |
|---|---|
| (Registrant) | |
| By: | /s/ Eyal Sheratzky |
| Name: Eyal Sheratzky | |
| Title: Co-Chief Executive Officer<br><br> <br><br><br> <br>Date: August 2, 2021 |
Exhibit 99.1
ITURAN LOCATION AND CONTROL LTD.
Announces Execution of Rule 10b-15 and Rule 10b-18 for Share Repurchase Program
AZOUR, Israel – August 2, 2021 – Ituran Location and Control Ltd. (NASDAQ: ITRN, TASE: ITRN), announced today that as part of implementation of its Board of Directors decision of 25 million USD share repurchase program, which was partially executed during year 2019 (6 million USD) and following Board of Directors decision in July 2021 to implement the remainder of the aforementioned Board of Directors decision, its wholly owned subsidiary resolved to execute agreements pursuant to Rule 10b-5 and Rule 10b-18 to commence from August 25^th^ 2021.
Share repurchases, if any, will be funded by the wholly owned subsidiary with available cash. Repurchases of the Company's ordinary shares will be made based on Rule10b-18 terms. Share repurchases may be suspended or discontinued at any time.
Management Comment
Eyal Sheratzky, Co-CEO of Ituran said “We believe that the ability to buy back our own shares, depending on market conditions, is a tool that will contribute to shareholder value over the long term.”
Certain statements in this press release are "forward-looking statements" within the meaning of the Securities Act of 1933, as amended. These forward-looking statements include, but are not limited to, our plans, objectives, expectations and intentions and other statements contained in this report that are not historical facts as well as statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors.
About Ituran
Ituran is a leader in the emerging mobility technology field, providing value-added location-based services, including a full suite of services for the connected-car. Ituran offers Stolen Vehicle Recovery, fleet management as well as mobile asset location, management & control services for vehicles, cargo and personal security for the retail, insurance industry and car manufacturers. Ituran is the largest OEM telematics provider in Latin America. Its products and applications are used by customers in over 20 countries. Ituran is also the founder of the Tel-Aviv based DRIVE startup incubator to promote the development of smart mobility technology.
Ituran's subscriber base has been growing significantly since the Company's inception to approaching 2 million subscribers using its location-based services with a market leading position in Israel and Latin America. Established in 1995, Ituran has approximately 3,000 employees worldwide, with offices in Israel, Brazil, Argentina, Mexico, Ecuador, Columbia, India, Canada and the United States.
For more information, please visit Ituran’s website, at: www.ituran.com
| Company Contact | International Investor Relations |
|---|---|
| Udi Mizrahi<br><br> <br>[email protected]<br><br> <br>Deputy CEO &VP Finance, Ituran<br><br> <br>(Israel) +972 3 557 1348 | Ehud Helft<br><br> <br>[email protected]<br><br> <br>GK Investor & Public Relations<br><br> <br>(US) +1 646 201 9246 |