Construction Partners Inc.
04/12/2024 | Press release | Distributed by Public on 04/12/2024 14:27
Material Event - Form 8-K
Item 8.01. Other Information.
On April 12, 2024, Construction Partners, Inc. (the "Company") announced that its Board of Directors has authorized a stock repurchase program under which up to $40 million is available to purchase shares of the Company's outstanding Class A common stock, par value $0.001 per share ("Class A common stock"), through September 30, 2025.
The Company intends to utilize the stock repurchase program to minimize the dilutive impact of awards granted under the Company's equity incentive plans and to repurchase shares opportunistically. Shares of the Company's Class A common stock may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions or by other means in accordance with federal securities laws, including Rule 10b5-1 plans. The stock repurchase program does not obligate the Company to repurchase any shares of Class A common stock, and the stock repurchase program may be modified, suspended, extended or terminated at any time by the Company's Board of Directors. The actual timing, number and value of shares of Class A common stock repurchased will be determined by a committee of the Board of Directors at its discretion and will depend on a number of factors, including the market price of the Company's Class A common stock, capital allocation alternatives, general market and economic conditions and other corporate considerations.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained herein that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of words such as "seek" "continue," "estimate," "predict," "potential," "targeting," "could," "might," "may," "will," "expect," "should," "anticipate," "intend," "project," "outlook," "believe," "plan" and similar expressions or their negative. The forward-looking statements contained in this Current Report on Form 8-K include, without limitation, statements relating to the Company's plans to repurchase shares of Class A common stock under the stock repurchase program. These and other forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Important factors that could cause actual results to differ materially from those expressed in the forward-looking statements are set forth in the Company's most recent Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, its Current Reports on Form 8-K and other reports the Company files with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events, or circumstances or other changes affecting such statements except to the extent required by applicable law.