Scholastic Corp. Authorizes $100M Stock Repurchase Program
Ticker: SCHL · Form: 8-K · Filed: Mar 14, 2024 · CIK: 866729
| Field | Detail |
|---|---|
| Company | Scholastic Corp (SCHL) |
| Form Type | 8-K |
| Filed Date | Mar 14, 2024 |
| Risk Level | low |
| Pages | 1 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | bullish |
Sentiment: bullish
Topics: stock-repurchase, shareholder-value, board-approval
TL;DR
Scholastic is buying back up to $100M in stock over the next two years.
AI Summary
Scholastic Corp. announced on March 12, 2024, that its Board of Directors has approved a new stock repurchase program. The company is authorized to repurchase up to $100 million of its common stock through March 12, 2026.
Why It Matters
This significant stock repurchase authorization signals management's confidence in the company's financial health and its belief that its stock is undervalued, potentially boosting shareholder value.
Risk Assessment
Risk Level: low — The filing is a routine announcement of a stock repurchase program, which is generally a positive or neutral event with limited immediate risk.
Key Numbers
- $100M — Stock Repurchase Authorization (Maximum amount the company can spend on repurchasing its own shares.)
- 2 years — Repurchase Program Duration (The timeframe within which the stock repurchases can occur.)
Key Players & Entities
- Scholastic Corp. (company) — Registrant
- $100 million (dollar_amount) — Stock repurchase authorization amount
- March 12, 2024 (date) — Date of Board approval and announcement
- March 12, 2026 (date) — Expiration date of the stock repurchase program
FAQ
What is the total amount authorized for Scholastic Corp.'s new stock repurchase program?
The company's Board of Directors has authorized the repurchase of up to $100 million of its common stock.
When was the new stock repurchase program approved by Scholastic Corp.'s Board of Directors?
The program was approved on March 12, 2024.
What is the expiration date for Scholastic Corp.'s new stock repurchase program?
The program is authorized to continue through March 12, 2026.
What type of security is Scholastic Corp. planning to repurchase?
Scholastic Corp. is planning to repurchase its common stock.
What is the filing date of this 8-K report?
This 8-K report was filed on March 14, 2024.
Filing Stats: 426 words · 2 min read · ~1 pages · Grade level 12.3 · Accepted 2024-03-14 16:30:17
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value SCHL The Nasdaq Stock Mar
Filing Documents
- schl-20240312.htm (8-K) — 38KB
- 0000950170-24-031548.txt ( ) — 148KB
- schl-20240312.xsd (EX-101.SCH) — 24KB
- schl-20240312_htm.xml (XML) — 5KB
07 Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders. The holders of the Class A Stock of Scholastic Corporation (the "Company") executed a unanimous written consent dated March 12, 2024 fixing the size of the Board of Directors of the Company at eleven directors, effective as of March 12, 2024.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description of Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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. SCHOLASTIC CORPORATION Date: March 14, 2024 By: /s/ Andrew S. Hedden Name: Title: Andrew S. Hedden Executive Vice President, General Counsel and Secretary