Parks! America adopts limited-duration shareholder rights plan with 10% trigger and $3.00 exercise price

PARKS AMERICA, INC

Board declared a dividend of one preferred share purchase right per common share; record date Jan 29, 2024.
Rights become exercisable if any person acquires 10%+ of common stock; existing 10% holders grandfathered but cannot add shares.
Exercise price is $3.00 per right; rights expire January 18, 2025, unless extended by Board.
Board may redeem rights for $0.001 per right at any time before trigger event.
Rights plan includes qualifying offer provision allowing shareholders to force special meeting on pending offer.

item 1.01 item 3.03 item 5.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

PARKS AMERICA, INC: Adopted Certificate of Designation of Series A Junior Participating Preferred Stock (effective 2024-01-19).

Change: charter amendment
Effective: 2024-01-19

Exact text from the filing

In connection with the adoption of the Rights Agreement, the Company has adopted a Certificate of Designation of Series A Junior Participating Preferred Stock (the “ Certificate of Designation ”).

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

PARKS AMERICA, INC entered into Rights Agreement with Securities Transfer Corporation (effective 2024-01-19).

Action: entry
Counterparty: Securities Transfer Corporation
Effective: 2024-01-19

Exact text from the filing

the Rights Agreement, dated as of January 19, 2024 (the “ Rights Agreement ”), by and between the Company and Securities Transfer Corporation (the “ Rights Agent ”).

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188 governance changes filed in the last 30 days. Browse all governance changes →

PARKS AMERICA, INC filing history →

Source: SEC EDGAR

accession 0001493152-24-003185

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