CRC to repurchase 4.95M shares from IKAV for $227.7M; director Saadati to resign

California Resources Corp

Bobby Saadati will resign from CRC board upon closing of $227.7M share repurchase from IKAV.
CRC repurchases 4,950,000 shares at $46.00 each from IKAV, settlement expected June 25, 2025.
Repurchase funded with cash on hand and operating cash flows; part of $1.35B buyback program.
IKAV's director nomination right ends as holding drops below 5%; lock-up restrictions on IKAV cease.

item 5.02 item 8.01

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Departed

Bobby Saadati

Director

CRC · California Resources Corp

Filed: June 23, 2025, 7:59 PM ET

Mr. Saadati will resign from the Company’s Board of Directors (the “ Board ”), effective upon consummation of the Stock Repurchase.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Bobby Saadati departed as Director at California Resources Corp.

Action: resign
Role: Director

Exact text from the filing

Mr. Saadati will resign from the Company’s Board of Directors (the “ Board ”), effective upon consummation of the Stock Repurchase.

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California Resources Corp filing history →

Source: SEC EDGAR

accession 0001609253-25-000059

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