Current Report Filing (8-k)
January 27 2016 - 4:56PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): January 22, 2016
IDT
CORPORATION
(Exact
name of registrant as specified in its charter)
Delaware |
|
1-16371 |
|
22-3415036 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification
No.) |
520
Broad Street
Newark,
New Jersey |
|
07102 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (973) 438-1000
Not
Applicable
(Former
name or former address, if changed since last report.)
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 (see General Instruction A.2. below):
☐ |
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)) |
On
January 22, 2016, the Board of Directors of IDT Corporation (the “Registrant) approved a stock repurchase program to purchase
up to eight million shares of Class B Common Stock and cancelled the previous stock repurchase program, which had 4.6 million
shares remaining and available for repurchase. Under the previously authorized stock repurchase program, IDT repurchased 398,000
shares of Class B Common stock at an average share price of $11.61 during the second quarter of fiscal 2016.
The
Registrant’s Board of Directors authorized an amendment to its current Rule 10b5-1 plan pursuant to the new stock repurchase
program. A Rule 10b5-1 plan allows the Registrant to execute trades during periods when it would ordinarily not be permitted
to do so because it may be in possession of material non-public information or because of self-imposed trading blackout periods.
A broker chosen by the Registrant will have the authority, under the prices, terms and limitations authorized by the Registrant
and set forth in the Rule 10b5-1 plan, to repurchase shares on the Registrant’s behalf. Because the repurchases under the
Rule 10b5-1 plan will be tied to certain share prices, there are no guarantees as to the exact number of shares that will be repurchased
under the plan, nor that there will be any repurchases at all pursuant to the plan.
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.
|
IDT
CORPORATION |
|
|
|
Dated:
January 27, 2016 |
By: |
/s/
Shmuel Jonas |
|
Name: |
Shmuel
Jonas |
|
Title: |
Chief
Executive Officer |
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