Alta Equipment, (ALTG), the combined company of B. Riley Principal Merger Corp., announced a stock repurchase plan today for up to $10 million of its currently outstanding shares. Additionally, Alta also announced that they have established a Rule 10b5-1 trading plan.
For those unfamiliar with Rule 10b5-1 trading plans, they allow companies to repurchase shares at times when they might otherwise be prevented from doing so by securities laws or because of self-imposed trading blackout periods. Rule 10b5-1 plans are done via a third-party broker to mitigate those conflicts by giving the broker authority to purchase the Company’s stock, but within SEC regulations regarding certain price, market, volume and timing constraints.
As for when this stock repurchase plan will take place is not determined as of yet, but payment for the shares will be funded using the Company’s cash on hand. If you recall, post-combination shareholder vote, Alta had 13,325,964 SPAC shares outstanding. So depending on the price at which the shares will be repurchased (but let’s assume around the current price of ~$8.60), Alta will be purchasing roughly 1.2 million shares. Sure enough, ALTG is up $0.20 this morning.
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