Gentherm extends stock buyback to June 2024, launches $60M accelerated share repurchase

Gentherm Inc

Board extended 2020 repurchase program to June 30, 2024; ~$97M remained as of Oct 31.
Entered ASR with Bank of America to repurchase $60M of common stock.
Initial delivery of ~1.22 million shares (80% of ASR amount) on Nov 2, 2023.
Final settlement expected no later than Q2 2024 based on VWAP less discount.
CFO cites balance sheet strength and confidence in future growth and profitability.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Gentherm Inc entered into Confirmation of Issuer Forward Repurchase Transaction agreement with Bank of America, N.A. valued at $60 million (effective 2023-11-01).

Action: entry
Agreement: equity purchase
Counterparty: Bank of America, N.A.
Value: $60 million
Effective: 2023-11-01

Exact text from the filing

On November 1, 2023 and following the above-noted extension, the Company entered into a Confirmation of Issuer Forward Repurchase Transaction agreement (the “ASR Agreement”) with Bank of America, N.A. (the “Bank of America”) that provides for the Company to purchase shares of common stock in an aggregate amount of $60 million (the “ASR Repurchase Amount”) under the 2020 Stock Repurchase Program.

View on SEC.gov

Browse all material agreements →

Gentherm Inc filing history →

Source: SEC EDGAR

accession 0001193125-23-268883

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.