UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 8.01. | Other Events. |
As previously announced, given macroeconomic uncertainty resulting from the Covid-19 pandemic, RPM International Inc. (the “Company”) had suspended stock repurchases under its stock repurchase program which was put into place as part of the Company’s goal of returning a total of $1.0 billion in capital to its stockholders (the “Stock Repurchase Program”). At its recently concluded meetings on January 18 and 19, 2021, the Company’s Board of Directors authorized the resumption of the Company’s stock repurchases under the Stock Repurchase Program, pursuant to which $469.7 million of shares of common stock currently remain available for repurchase. The Company’s Board of Directors also extended the Stock Repurchase Program beyond its original May 31, 2021 expiration date until such time as the remainder of the Stock Repurchase Program has been utilized and the totality of the $469.7 million in remaining capital has been returned to its stockholders. Pursuant to the Stock Repurchase Program, the Company may repurchase shares of its common stock from time to time in the open market or in private transactions at various times and in amounts and for prices that the Company’s management deems appropriate, subject to insider trading rules and other securities law restrictions. The timing of the Company’s purchases will depend upon prevailing market conditions, alternative uses of capital and other factors. The Company may limit or terminate the Stock Repurchase Program at any time.
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 hereunto duly authorized.
| RPM International Inc. | ||||||
| (Registrant) | ||||||
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Date January 20, 2021
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| /s/ Edward W. Moore | ||||||
| Edward W. Moore Senior Vice President, General Counsel and Chief Compliance Officer |