Summary
Dell Technologies Inc. (DELL) filed an 8-K report on September 22, 2021, to disclose key information regarding a new, substantial stock repurchase program and an upcoming investor presentation. The company's Board of Directors has authorized the repurchase of up to $5 billion of Class C common stock, effective September 23, 2021. This significantly expands upon the prior $1 billion authorization, which has now been terminated. Furthermore, Dell Technologies announced a management presentation scheduled for September 23, 2021, where it is expected to discuss the new stock repurchase program and other business matters. The presentation will be accessible via a live webcast on the company's investor relations website, with an archived version available for a year. Investors should note that the new repurchase program has no set expiration date and is expected to commence no earlier than the fourth quarter of fiscal year 2022.
Key Highlights
- 1Dell Technologies has authorized a new stock repurchase program of up to $5 billion for Class C common stock, effective September 23, 2021.
- 2The previous $1 billion stock repurchase program, set to expire in February 2022, has been terminated.
- 3Share repurchases under the new program are expected to begin no earlier than Q4 FY2022.
- 4The new repurchase program does not have a specified expiration date.
- 5The company will hold a management presentation on September 23, 2021, to discuss the repurchase program and other matters.
- 6The investor presentation will be accessible via a live webcast and subsequently archived on Dell's investor relations website.
- 7The information provided in Item 7.01 is furnished and not deemed filed, meaning it is not subject to Section 18 of the Exchange Act unless explicitly incorporated by reference.