---
schema_version: "secwatch.filing_event.v1"
accession: "0001609253-25-000059"
form_type: "8-K"
ticker: "CRC"
cik: "0001609253"
company_name: "California Resources Corp"
filed_at: "2025-06-23T23:59:59+00:00"
generated_at: "2026-05-18T23:43:20.675949+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001609253-25-000059
- form_type: 8-K
- ticker: CRC
- cik: 0001609253
- company_name: California Resources Corp
- filed_at: 2025-06-23T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 5.02, 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1609253/000160925325000059/0001609253-25-000059-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1609253/000160925325000059/crc-20250623.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001609253-25-000059
- JSON: https://secwatch.observer/filing/0001609253-25-000059.json
- Plain text: https://secwatch.observer/filing/0001609253-25-000059.txt

## Key facts
- Executive change
  Bobby Saadati departed as Director at California Resources Corp.
  - Action: resign
  - Role: Director
  source text: Mr. Saadati will resign from the Company’s Board of Directors (the “ Board ”), effective upon consummation of the Stock Repurchase.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1609253/000160925325000059/0001609253-25-000059-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.