Clarivate Announces $500M Stock Repurchase Program
Ticker: CLVT · Form: 8-K · Filed: 2024-05-10T00:00:00.000Z
Sentiment: bullish
Topics: share-repurchase, capital-return, board-approval
Related Tickers: CLVT
TL;DR
Clarivate is buying back $500M in stock over the next 2 years.
AI Summary
Clarivate Plc announced on May 7, 2024, that its Board of Directors has approved a new stock repurchase program. The company is authorized to repurchase up to $500 million of its ordinary shares through May 7, 2026. This program replaces the previous authorization which expired on May 7, 2024.
Why It Matters
This significant share buyback program indicates management's confidence in the company's valuation and its commitment to returning capital to shareholders.
Risk Assessment
Risk Level: low — The filing is a routine announcement of a stock repurchase program, which is a common corporate action.
Key Numbers
- $500M — Stock Repurchase Authorization (Maximum amount the company can spend on repurchasing its shares.)
- 2 years — Repurchase Program Duration (The period during which the company is authorized to repurchase shares.)
Key Players & Entities
- Clarivate Plc (company) — Registrant
- $500 million (dollar_amount) — Authorized repurchase amount
- May 7, 2024 (date) — Effective date of the new program
- May 7, 2026 (date) — Expiration date of the new program
FAQ
What is the total amount authorized for the new stock repurchase program?
The new stock repurchase program authorizes the company to repurchase up to $500 million of its ordinary shares.
When does the new stock repurchase program become effective?
The new stock repurchase program became effective on May 7, 2024.
What is the expiration date of the new stock repurchase program?
The new stock repurchase program is authorized through May 7, 2026.
Does this new program replace a previous one?
Yes, this new program replaces the previous stock repurchase authorization which expired on May 7, 2024.
What type of shares can be repurchased under this program?
The company is authorized to repurchase its ordinary shares.
From the Filing
0001104659-24-059939.txt : 20240510 0001104659-24-059939.hdr.sgml : 20240510 20240510163031 ACCESSION NUMBER: 0001104659-24-059939 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240507 ITEM INFORMATION: Submission of Matters to a Vote of Security Holders ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240510 DATE AS OF CHANGE: 20240510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CLARIVATE PLC CENTRAL INDEX KEY: 0001764046 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374] ORGANIZATION NAME: 06 Technology IRS NUMBER: 000000000 STATE OF INCORPORATION: Y9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38911 FILM NUMBER: 24935427 BUSINESS ADDRESS: STREET 1: 4TH FLOOR, ST. PAUL'S GATE STREET 2: 22-24 NEW STREET CITY: ST. HELIER STATE: Y9 ZIP: JE14TR BUSINESS PHONE: (207) 433-4000 MAIL ADDRESS: STREET 1: 70 ST. MARY AXE CITY: LONDON STATE: X0 ZIP: EC3A 8BE FORMER COMPANY: FORMER CONFORMED NAME: CLARIVATE Plc DATE OF NAME CHANGE: 20200507 FORMER COMPANY: FORMER CONFORMED NAME: Clarivate Analytics PLC DATE OF NAME CHANGE: 20190108 8-K 1 tm2413896d1_8k.htm FORM 8-K false 0001764046 00-0000000 0001764046 2024-05-07 2024-05-07 0001764046 us-gaap:CommonStockMember 2024-05-07 2024-05-07 0001764046 us-gaap:SeriesAPreferredStockMember 2024-05-07 2024-05-07 iso4217:USD 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): May 10, 2024 ( May 7, 2024 )   CLARIVATE PLC   (Exact name of registrant as specified in its charter)   Jersey , Channel Islands (State or other jurisdiction of incorporation or organization)   001-38911 (Commission File Number)     N/A (I.R.S. Employer Identification No.)   70 St. Mary Axe London EC3A 8BE United Kingdom   (Address of Principal Executive Offices)   ( 44 ) 207-433-4000 Registrant's telephone number, including area code   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. below):   ¨ 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 Ordinary shares CLVT New York Stock Exchange 5.25% Series A Mandatory Convertible Preferred Shares, no par value CLVT PR A New York Stock Exchange   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. ¨           Item 5.07. Submission of Matters to a Vote of Security Holders   On May 7, 2024, Clarivate Plc (“Clarivate” or the “Company”) held its 2024 Annual General Meeting of Shareholders.