secwatch.observer — SEC 8-K summary
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Issuer:     UNIVERSAL TECHNICAL INSTITUTE INC (UTI)
CIK:        0001261654
Form:       8-K
Filed at:   2023-12-19T23:59:59+00:00
Accession:  0001261654-23-000149
Event type: other_material
Sentiment:  neutral
Materiality: 0.65
Item codes: 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

UTI repurchases $10.78M Series A preferred, converts all shares; appoints Chris Shackelton director
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- Repurchased 33,300 Series A Preferred shares from Coliseum affiliates for $10.78M in cash.
- Converted all outstanding Series A Preferred into Common Stock, increasing shares outstanding by 19.3M effective Dec 18, 2023.
- Chris Shackelton, Coliseum co-founder, appointed as Class III director as part of the transaction.
- Purchase price based on Dec 18 VWAP; adjustment possible if VWAP Dec 19-22 exceeds initial VWAP up to $13.00.
- Pricing committee of independent directors approved the repurchase; funded with cash on hand.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1261654/000126165423000149/0001261654-23-000149-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1261654/000126165423000149/uti-20231218.htm
  HTML page:      https://secwatch.observer/filing/0001261654-23-000149

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