Current Report Filing (8-k)
March 16 2022 - 12:23PM
Edgar (US Regulatory)
0000723612
false
0000723612
2022-03-15
2022-03-15
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xbrli:shares
iso4217:USD
xbrli:shares
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)
March 15, 2022
Avis Budget Group, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
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001-10308 |
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06-0918165 |
(State or Other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(I.R.S. Employer
Identification No.) |
6 Sylvan Way
Parsippany, NJ |
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07054 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
(973) 496-4700
(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 (see General Instruction A.2.):
| ☐ | 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) |
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Name of Each Exchange on Which
Registered |
Common Stock, par value $0.01 |
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CAR |
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The 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 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
Share Repurchase Program
On March 15, 2022, the board of directors of Avis Budget Group, Inc.
(the “Company”) approved a $1.0 billion increase to the Company’s existing share repurchase authorization. After
giving effect to this increase, as of March 15, 2022, the Company had approximately $1.16 billion of available share repurchase
authorization remaining.
Under the Company’s stock repurchase program, the Company repurchases
shares from time to time in open market transactions, and may also repurchase shares in accelerated share repurchases, tender offers,
privately negotiated transactions or by other means. Repurchases may also be made under a plan pursuant to Rule 10b5-1 under the Securities
Exchange Act of 1934, as amended. The timing and amount of repurchase transactions will be determined by the Company’s management
based on its evaluation of market conditions, the Company’s share price, legal requirements, restricted payment capacity under its
debt instruments and other factors. The stock repurchase program may be suspended, modified or discontinued at any time without prior
notice.
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 hereto duly authorized.
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AVIS BUDGET GROUP, INC. |
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By: |
/s/ Jean M. Sera |
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Jean M. Sera |
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Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary |
|
Date: March 16, 2022
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