SPAR Group Files 8-K with Corporate Details

TL;DR

SPAR Group filed an 8-K on 4/30/24 updating corporate info. Nothing major, just housekeeping.

AI Summary

SPAR Group, Inc. filed an 8-K on April 30, 2024, reporting other events and financial statements. The filing details the company's principal executive offices located at 1910 Opdyke Court, Auburn Hills, MI 48326, and its telephone number (248) 364-7727. The company was incorporated in Delaware and its fiscal year ends on December 31.

Why It Matters

This filing provides essential corporate information and updates for SPAR Group, Inc., which is important for investors and stakeholders to track the company's official details.

Risk Assessment

Risk Level: low — The filing is a routine 8-K reporting corporate information and does not appear to contain any significant new risks or material adverse events.

Key Players & Entities

• SPAR Group, Inc. (company) — Registrant
• April 30, 2024 (date) — Date of earliest event reported
• 1910 Opdyke Court, Auburn Hills, MI 48326 (location) — Address of Principal Executive Offices
• 248-364-7727 (phone_number) — Registrant's telephone number
• Delaware (jurisdiction) — State of Incorporation
• December 31 (date) — Fiscal Year End

FAQ

Key Financial Figures

• $0.01 — ge on which registered Common Stock , $0.01 par value SGRP The Nasdaq Stock Mark

Filing Documents

• sgrp20240326_8k.htm (8-K) — 35KB
• ex_649925.htm (EX-99.1) — 7KB
• ex_649926.htm (EX-99.2) — 427KB
• ex_665862.htm (EX-99.3) — 5KB
• cylogo.jpg (GRAPHIC) — 10KB
• logosmall.jpg (GRAPHIC) — 12KB
• 0001437749-24-014361.txt ( ) — 692KB
• sgrp-20240430.xsd (EX-101.SCH) — 3KB
• sgrp-20240430_def.xml (EX-101.DEF) — 11KB
• sgrp-20240430_lab.xml (EX-101.LAB) — 15KB
• sgrp-20240430_pre.xml (EX-101.PRE) — 11KB
• sgrp20240326_8k_htm.xml (XML) — 3KB

01

Item 8.01 Other Events. On April 30, 2024, the Company completed the sale of its interests in its South African joint venture, which transaction it announced in a Press Release on April 1, 2024, and in Note 15 Subsequent Events to the Company's Consolidated Financial Statements in SGRP's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on April 1, 2024. SGRP Meridian Proprietary Limited (" Meridian ") was a consolidated international joint venture subsidiary of the Company owned 51% by the Company and 49% by Friedshelf (Pty) Ltd., Lindicom Proprietary Limited, and Lindicom Empowerment Holdings Proprietary Limited (the " Local Owners "). On February 7, 2024, the Company entered into a Sale of Shares Agreement to sell its 51% ownership interest in Meridian to the Local Owners for 180,700,000 South African Rand (the " Purchase Agreement "). Meridian in turn owns (and after closing will continue to own) interests in its subsidiaries: CMR-Meridian Proprietary Limited; Bordax Retail Services (Pty) Ltd; and Bordax Retail Services Gauteng (Pty) Ltd. On May 2, 2024, the Company announced the completion of the Meridian sale in a Press Release. The Company received 80% of the purchase price from the Local Buyers upon completion of the closing under the Purchase Agreement. The remaining 20% of the purchase price will be paid on December 31, 2024 or 2025, depending on certain financial triggers. The Company is also licensing certain technology (including SPARView) and trademarks to Meridian in connection with the sale. A copy of the Press Release first announcing this event is attached to and included in this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference. A copy of the Purchase Agreement is attached to and included in this Current Report on Form 8-K as Exhibit 99.2 and incorporated herein by reference. A copy of the Press Release announcing the closing of the Meridian sale is attached to and included

Forward Looking Statements

Forward Looking Statements This Current Report on Form 8-K and its exhibits (collectively, this " Current Report ") contain "forward-looking statements" within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, made by, or respecting, the Company, and this Current Report has been filed by the Corporation with the SEC. "Forward-looking statements" are defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act and other applicable Securities Laws. All statements (other than those that are purely historical) are forward-looking statements. Words such as "may," "will," "expect," "intend," "believe," "estimate," "anticipate," "continue," "plan," "project," or the negative of these terms or other similar expressions also identify forward-looking statements. Forward-looking statements made by the Corporation in this Current Report may include (without limitation) statements regarding: risks, uncertainties, cautions, circumstances and other factors (" Risks ") such as (among other things) the impact of the strategic review process or any resulting action or inaction, the impact of selling certain of the Company's subsidiaries or any resulting impact on revenues, earnings or cash, the impact of adding new directors or new finance team members, the potential negative effects of any stock purchase and/or payment, the potential negative effects of the novel coronavirus and COVID-19 pandemic on the Company's business, the Company's cash flow or financial condition, or the pursuit or achievement of the Company's corporate objectives. You should carefully review and consider the Company's forward-looking statements (including all risk factors and other cautions and uncertainties) and other information made, contained or noted in or incorporated by reference into this Current Report, but you should not place undue reliance on any of them. The results, actions, levels of activity, performance, achievements or co

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits: 99.1 Press Release Dated April 1, 2024. 99.2 Sale of Shares Agreement dated as of February 7, 2024, among SPAR Group International, Inc. (a SGRP subsidiary), as seller, and Friedshelf (Pty) Ltd., Lindicom Proprietary Limited, and Lindicom Empowerment Holdings Proprietary Limited as buyers. 99.3 Press Release Dated May 2, 2024. 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 thereunto duly authorized. SPAR Group, Inc. Date: May 2, 2024 By: /s/ Michael R. Matacunas Michael R. Matacunas, President & CEO

View Full Filing

View this 8-K filing on SEC EDGAR