secwatch.observer — SEC 8-K summary
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Issuer:     PAPA JOHNS INTERNATIONAL INC (PZZA)
CIK:        0000901491
Form:       8-K
Filed at:   2023-03-02T23:59:59+00:00
Accession:  0001104659-23-027683
Event type: other_material
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Papa Johns repurchases $180M shares from Starboard; Board Chair Smith resigns, Coleman appointed
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- Repurchased 2,176,928 shares from Starboard at $82.52/share (~$180M), a ~4% discount to March 1 close.
- Starboard's ownership drops to ~2% of outstanding shares after repurchase.
- Jeffrey Smith resigns from Board effective March 1; Christopher Coleman appointed new independent Chair.
- Repurchase funded by cash on hand and revolving credit; ~$90M remains under $425M authorization.
- Company has spent >$410M on buybacks since 2020, repurchasing >10% of shares outstanding.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/901491/000110465923027683/0001104659-23-027683-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/901491/000110465923027683/tm238294d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-027683

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer