Nuvera Communications, Inc 8-K, filed Dec 12, 2023
Nuvera Communications, Inc. (NUVR)
About this 8-K
Nuvera Communications, Inc filed this 8-K on December 12, 2023.
Items reported
- Item 8.01: Other events
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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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):
Indicate by check mark whether the registrant is an emerging growth company 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 (§230.12b-2 of this chapter). Emerging growth company Yes
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. ☐
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Item 8.01 Other Events
On December 12, 2023, Nuvera Communications, Inc. (“Nuvera” or the “Company”) announced that its wholly owned subsidiary Scott Rice Telephone Company will begin receiving Consumer Broadband-Only Loop (CBOL) funding through the Universal Service Administrative Company (USAC) in December. This funding will be utilized to continue the Company’s Gig Cities fiber project, bringing fiber Internet to residential and business customers.
A copy of the Nuvera press release is attached as Exhibit 99.1.
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Section 9 - Financial Statements and Exhibits
d) Exhibits
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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.
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Date: December 12, 2023 |
Nuvera Communications, Inc. |
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By: |
/s/Curtis Kawlewski |
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Curtis Kawlewski |
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Chief Financial Officer |
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Exhibit 99.1
Nuvera to Apply CBOL Funding Towards Fiber Internet Expansion
New Ulm, Minnesota (Dec. 12, 2023) – Nuvera Communications, Inc. a diversified communications company, announced today that it has confirmed eligibility for Consumer Broadband-Only Loop (CBOL) funding through the Universal Service Administrative Company (USAC). This incremental funding will be used to continue supporting the company’s multi-year fiber construction initiative.
Nuvera began receiving a monthly benefit in November of 2023 with the first payment receipt confirmed in December. On an annualized basis this new program will provide $3.4 million of new funding based on the tariff filing and Nuvera’s expected line counts. The monthly CBOL subsidy formula is reviewed and subject to revision on an annual basis and subject to change based on updated USAC funding criteria July 1 of each year.
“The CBOL funding will help us continue our investment in expanding fiber internet to additional homes and businesses,” said Nuvera President and CEO Glenn Zerbe. “Federal funding sources such as CBOL are critical for companies like Nuvera to efficiently build critical fiber infrastructure across our service areas.”
Nuvera’s Gig Cities fiber project began in 2021 and the company is investing more than $200 million across Southern Minnesota to bring fiber internet – faster and more reliable internet – to residential and business customers. This fiber initiative is expected to both grow market share and total addressable market as it progresses.
The funds were applied for by Scott-Rice Telephone Company, a wholly owned subsidiary of Nuvera, which qualifies for CBOL funding as it is not receiving funding through the Alternative Connect America Cost Model (A-CAM) program, which is a funding program supporting rural carriers.
About Nuvera
Nuvera Communications is a leading Minnesota broadband provider headquartered in New Ulm, Minnesota. Nuvera’s state-the-art fiber network provides reliable and affordable residential internet service through both fiber-to-the neighborhood and newly expanding Gig-speed fiber-to-the-home services. Nuvera also provides business services including fiber internet, voice, hosting and managed services. Nuvera serves residents and businesses in New Ulm, Glencoe, Goodhue, Hutchinson, Litchfield, Prior Lake, Redwood Falls, Elko New Market, Savage, Sleepy Eye, Springfield and surrounding communities. Nuvera also serves customers in Aurelia, Iowa. Nuvera is a Fiber Minnesota partner which cooperatively enables connectivity for multi-location business customer locations, wireless towers and network connectively to major internet connection transport points. Nuvera Communications, Inc., is a publicly held corporation. For more information about Nuvera or to purchase stock, visit http://www.nuvera.net/investors