Summary
This Form 8-K filing by TASER International, Inc. (now Axon Enterprise, Inc.) on August 17, 2011, primarily announces the adoption of a stock trading plan to facilitate a previously authorized $20.0 million share repurchase program. The program, approved by the Board of Directors on July 28, 2011, aims to repurchase outstanding common stock in compliance with SEC Rule 10b5-1 and Rule 10b-18. As of the filing date, approximately $16.7 million remained available under this open-ended repurchase authorization. The trading plan is set to commence on August 22, 2011, with repurchases executed by a designated broker under specific market constraints. This action signals management's confidence in the company's valuation and its commitment to returning capital to shareholders.
Key Highlights
- 1TASER International adopted a stock trading plan on August 16, 2011, to implement a previously announced $20.0 million share repurchase program.
- 2The share repurchase program was authorized by the Board of Directors on July 28, 2011.
- 3The plan is established in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.
- 4Share repurchases will be conducted in the open market in compliance with Rule 10b-18.
- 5As of August 17, 2011, approximately $16.7 million was still available for repurchases under the program.
- 6The repurchase program does not have an expiration date and may be suspended or discontinued at any time.
- 7The trading plan is scheduled to begin on August 22, 2011, and will continue until the full $20.0 million is utilized, subject to market conditions.