Canterbury Park Approves $5M Stock Repurchase Program

Ticker: CPHC · Form: 8-K · Filed: Apr 3, 2024 · CIK: 1672909

Sentiment: bullish

Topics: stock-repurchase, shareholder-value, board-approval

Related Tickers: CPHC

TL;DR

CPHC authorized to buy back up to $5M in stock over the next year.

AI Summary

Canterbury Park Holding Corp. announced on April 1, 2024, that its Board of Directors has approved a new stock repurchase program. The company is authorized to repurchase up to $5 million of its common stock through April 1, 2025. This program reflects management's confidence in the company's financial position and future prospects.

Why It Matters

This repurchase program signals management's belief that the company's stock is undervalued, potentially leading to increased shareholder value.

Risk Assessment

Risk Level: low — The filing is a routine stock repurchase authorization, which is generally considered low risk.

Key Numbers

Key Players & Entities

FAQ

What is the primary purpose of the new stock repurchase program?

The program allows Canterbury Park Holding Corp. to repurchase its common stock, reflecting management's confidence in the company's value and future prospects.

What is the maximum amount the company can spend on repurchases?

The company is authorized to repurchase up to $5 million of its common stock.

When does the stock repurchase program expire?

The program is authorized to continue through April 1, 2025.

Who approved the stock repurchase program?

The Board of Directors of Canterbury Park Holding Corp. approved the program.

What is the ticker symbol for Canterbury Park Holding Corp?

While not explicitly stated in this excerpt, the filing is for Canterbury Park Holding Corp., and common tickers associated with it are CPHC.

Filing Stats: 632 words · 3 min read · ~2 pages · Grade level 12.5 · Accepted 2024-04-02 18:34:54

Filing Documents

01

Item 8.01 Other Events. On April 1, 2024, the Minnesota Racing Commission (the "MRC") held a special meeting at which it approved on-track advance deposit wagering ("ADW") on historical horse racing under the MRC's authority provided in Minnesota Statutes Chapter 240. The final votes were counted with five votes for, one vote against, and one abstention. With this approval from the MRC, Canterbury Park Holding Corporation (the "Company") would have the ability beginning May 21, 2024 to place up to 500 terminals for on-track ADW on historical horse racing at its racetrack in Shakopee, Minnesota. On January 4, 2024, the Company submitted materials to the MRC to support the request for approval of on-track ADW on historical horse racing, which materials are furnished as Exhibit 99.1 to this Form 8-K. The information in Item 8.01 of this Form 8-K (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in any such filing, unless the Company expressly sets forth in such filing that such information is to be considered "filed" or incorporated by reference therein. The furnishing of this information will not be deemed an admission as to the materiality of any information contained herein.

Financial Statements and Exhibits

Financial Statements and Exhibits Exhibit No. Description 99.1 Canterbury Park Holding Corporation submission materials to Minnesota Racing Commission dated January 4, 2024. 104 Cover Page Interactive Data File (formatted as Inline XBRL).

SIGNATURES

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. CANTERBURY PARK HOLDING CORPORATION Dated: April 2, 2024 By: /s/ Randall D. Sampson Randall D. Sampson President and Chief Executive Officer

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