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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):
November 7, 2023
Monster Beverage Corporation
(Exact name of registrant as specified in
its charter)
Delaware
(State or other jurisdiction of incorporation)
001-18761 |
|
47-1809393 |
(Commission File Number) |
|
(IRS Employer Identification No.) |
1 Monster Way
Corona, California 92879
(Address of principal executive offices and zip code)
(951) 739 - 6200
(Registrant’s telephone number, including area code)
N/A
(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:
¨ |
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)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which
registered |
Common Stock |
|
MNST |
|
Nasdaq Global Select Market |
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 ¨
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. ¨
Item 8.01. Other Events.
On November 7, 2023, the
Board of Directors of Monster Beverage Corporation (the “Company”) authorized a new repurchase program for the repurchase
of up to $500.0 million of the Company’s outstanding shares of common stock. As of November 7, 2023, approximately $282.8 million
remained available for repurchase under the Company’s previously authorized repurchase program. The Company expects to make the
share repurchases from time to time in the open market, through privately-negotiated transactions, by block-purchase or through other
transactions managed by broker-dealers, or otherwise, subject to applicable laws, regulations and approvals. The timing of the share
repurchases will depend on a variety of factors, including market conditions, and the share repurchases may be suspended or discontinued
at any time.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
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.
|
Monster Beverage Corporation |
|
|
Date: November 8, 2023 |
/s/ Hilton H. Schlosberg |
|
Hilton H. Schlosberg |
|
Vice Chairman of the Board of Directors and Co-Chief Executive Officer |
Exhibit 99.1
PondelWilkinson Inc.
2945 Townsgate Road, Suite 200
Westlake Village, CA 91361
Investor Relations | T |
(310) 279 5980 |
Strategic Public Relations | W |
www.pondel.com |
CONTACTS: |
Rodney C. Sacks |
|
Chairman and Co-Chief Executive Officer |
|
(951) 739-6200 |
|
|
NEWS
RELEASE
|
Hilton H. Schlosberg Vice Chairman and Co-Chief
Executive Officer (951) 739-6200 |
|
|
|
Roger S. Pondel / Judy Lin |
|
PondelWilkinson Inc. |
|
(310) 279-5980 |
MONSTER BEVERAGE BOARD AUTHORIZES
NEW $500.0 MILLION SHARE REPURCHASE PROGRAM
Corona, CA –
November 8, 2023 – Monster Beverage Corporation (NASDAQ:MNST) today announced that its Board of Directors has authorized a
new share repurchase program for the repurchase of up to an additional $500.0 million of the Company’s outstanding common stock.
As of November 7, 2023, approximately $282.8 million remained available for repurchase under the Company’s previously authorized
repurchase program. The Company expects to make the share repurchases from time to time in the open market, through privately-negotiated
transactions, by block-purchase or through other transactions managed by broker-dealers, or otherwise, subject to applicable laws, regulations
and approvals. The timing of the share repurchases will depend on a variety of factors, including market conditions, and the share repurchases
may be suspended or discontinued at any time.
Monster Beverage Corporation
Based in Corona, California,
Monster Beverage Corporation is a holding company and conducts no operating business except through its consolidated subsidiaries. The
Company’s subsidiaries develop and market energy drinks, including Monster Energy® drinks, Monster Energy Ultra® energy
drinks, Juice Monster® Energy + Juice energy drinks, Java Monster® non-carbonated coffee + energy drinks, Rehab® Monster®
non-carbonated energy drinks, Monster Hydro® non-carbonated refreshment + energy drinks, Monster Energy® Nitro energy drinks,
Reign® Total Body Fuel high performance energy drinks, Reign Inferno® thermogenic fuel high performance energy drinks, Reign
Storm™ total wellness energy drinks, NOS® energy drinks, Full Throttle® energy drinks, Bang Energy® drinks, BPM®
energy drinks, BU® energy drinks, Burn® energy drinks, Gladiator® energy drinks, Live+® energy drinks, Mother® energy
drinks, Nalu® energy drinks, Play® and Power Play® (stylized) energy drinks, Relentless® energy drinks, Samurai®
energy drinks, Ultra Energy® drinks, Predator® energy drinks and Fury® energy drinks. The Company’s subsidiaries also
develop and market still and sparkling waters under the Monster Tour Water® brand name. The Company’s subsidiaries also develop
and market craft beers, hard seltzers and flavored malt beverages under a number of brands, including Jai Alai® IPA, Dale’s
Pale Ale®, Dallas Blonde®, Wild Basin® hard seltzers and The Beast Unleashed™. For more information visit www.monsterbevcorp.com.
(more)
Monster Beverage Corporation
2-2-2
Caution Concerning Forward-Looking Statements
Certain statements made
in this announcement may constitute “forward-looking statements” within the meaning of the U.S. federal securities laws,
as amended, regarding the expectations of management with respect to our future operating results and other future events including revenues
and profitability. The Company cautions that these statements are based on management’s current knowledge and expectations and
are subject to certain risks and uncertainties, many of which are outside of the control of the Company, that could cause actual results
and events to differ materially from the statements made herein. Such risks and uncertainties include, but are not limited to, our ability
to implement the share repurchase programs. For a more detailed discussion of these and other risks that could affect our operating results,
see the Company’s reports filed with the Securities and Exchange Commission, including our annual report on Form 10-K for
the year ended December 31, 2022 and our subsequently filed quarterly reports. The Company’s actual results could differ materially
from those contained in the forward-looking statements, including with respect to the share repurchase programs. The Company assumes
no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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