strl-20240826FALSE000087423800008742382024-08-262024-08-26
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 26, 2024
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| STERLING INFRASTRUCTURE, INC. |
(Exact name of registrant as specified in its charter) |
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| Delaware | | 001-31993 | | 25-1655321 |
(State or other jurisdiction of incorporation
or organization) | | (Commission File Number) | | (I.R.S. Employer
Identification No.) |
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1800 Hughes Landing Blvd. The Woodlands, Texas | | | | 77380 |
| (Address of principal executive offices) | | | | (Zip Code) |
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Registrant’s telephone number, including area code: (281) 214-0777 |
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| Securities registered pursuant to Section 12(b) of the Act: |
| Common Stock, $0.01 par value per share | STRL | NASDAQ |
| (Title of Class) | (Trading Symbol) | (Name of each exchange on which registered) |
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| 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: |
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2). | |
| Emerging growth company | ☐ |
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| 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 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
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On August 26, 2024, Charles R. Patton, a member of the Board of Directors (the “Board”) of Sterling Infrastructure, Inc. (the “Company”), notified the Company of his intention to retire from the Board and as a member of each of the Compensation and Talent Development Committee and the Corporate Governance and Nominating Committee, effective September 1, 2024. Mr. Patton’s decision is not due to any disagreement with the Company. In connection with Mr. Patton's retirement, the Board reduced its size from eight to seven directors. |
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| Item 7.01 | Regulation FD Disclosure. |
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On August 28, 2024, the Company issued a press release announcing Mr. Patton’s retirement as director, a copy of which is furnished as Exhibit 99.1 hereto and incorporated into this Item 7.01 by reference. The information provided in this Item 7.01 shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered “filed” under the Exchange Act, nor shall it be incorporated by reference in any filing made by the Company pursuant to the Exchange Act or the Securities Act, other than to the extent that such filing incorporates by reference any or all of such information by express reference thereto. |
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| Item 9.01 | Financial Statements and Exhibits. |
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| (d) | Exhibits |
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| Exhibit Number | | Description |
| 99.1 | | |
| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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| SIGNATURES |
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| 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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| | STERLING INFRASTRUCTURE, INC. |
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| Date: | August 28, 2024 | By: | /s/ Sharon R. Villaverde |
| | | Sharon R. Villaverde |
| | | Chief Financial Officer |
Document
NEWS RELEASE
For Immediate Release:
August 28, 2024
Sterling Announces the Retirement of Charles R. Patton from the Board of Directors
THE WOODLANDS, TX – August 28, 2024 – Sterling Infrastructure, Inc. (NasdaqGS: STRL) ("Sterling" or "the Company") today announced that Charles R. Patton will retire from the company’s Board of Directors (the “Board”) effective September 1, 2024. Mr. Patton has served on the Board since 2013 and is a member of the Corporate Governance & Nominating Committee and the Compensation Committee.
Thomas M. White, Chair of Sterling’s Board of Directors, commented, “On behalf of Sterling’s Board, I would like to thank Charles for his many years of service. We are deeply grateful for his significant contributions and dedication to the Company over the past 11 years. His expertise and engagement played an important role in guiding Sterling through its transformation and growth. We wish him all the best in his retirement.”
About Sterling
Sterling operates through a variety of subsidiaries within three segments specializing in E-Infrastructure, Transportation and Building Solutions in the United States, primarily across the Southern, Northeastern, Mid-Atlantic and Rocky Mountain regions and the Pacific Islands. E-Infrastructure Solutions provides advanced, large-scale site development services for manufacturing, data centers, e-commerce distribution centers, warehousing, power generation and more. Transportation Solutions includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, rail and storm drainage systems. Building Solutions includes residential and commercial concrete foundations for single-family and multi-family homes, parking structures, elevated slabs, other concrete work and plumbing services for new single-family residential builds. From strategy to operations, we are committed to sustainability by operating responsibly to safeguard and improve society’s quality of life. Caring for our people and our communities, our customers and our investors – that is The Sterling Way.
Joe Cutillo, CEO, “We build and service the infrastructure that enables our economy to run,
our people to move and our country to grow.”
Important Information for Investors and Stockholders
Cautionary Statement Regarding Forward-Looking Statements
This press release contains statements that are considered forward-looking statements within the meaning of the federal securities laws. Any such statements are subject to risks and uncertainties, including those risks identified in the Company’s filings with the Securities and Exchange Commission. Accordingly, such statements should be considered in light of these risks. The forward-looking statements speak only as of the date made, and we undertake no obligation to publicly update or revise any forward-looking statements for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise, notwithstanding any changes in our assumptions, changes in business plans, actual experience or other changes. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.
Sterling Infrastructure Contacts:
Noelle Dilts, VP of Investor Relations and Corporate Strategy
281-214-0795
noelle.dilts@strlco.com
