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bsqr20221128b_8k.htm
false 0001054721 0001054721 2022-11-28 2022-11-28
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM 8-K
 
 
CURRENT REPORT
 
Pursuant to section 13 or 15(d) of
the Securities Exchange Act of 1934
 
Date of Report (Date of Earliest Event Reported): November 28, 2022
 
 
BSQUARE CORP /WA
BSQUARE CORPORATION
(Exact name of Registrant as specified in its charter)
 
 
Washington
000-27687
91-1650880
(State or Other Jurisdiction
(Commission
(IRS Employer Identification No.) 
of Incorporation)
File Number) 
  
 
1415 Western Avenue, Suite 700
Seattle, WA 98101
425-519-5900
(Address and Telephone Number of Registrant’s Principal Executive Offices)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
 
☐       Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐       Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐       Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐       Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Exchange Act:
 
Title of each class
  
Trading
Symbol(s)
  
Name of each exchange on which
registered
Common stock, no par value
  
BSQR
  
The NASDAQ Stock Market LLC
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR § 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR § 240.12b-2).
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 
 
 
Item 8.01         Other Events.
 
On November 28, 2022, the Board of Directors of Bsquare Corporation (“the Company”) approved a plan to repurchase up to $5 million of common stock (the “Share Repurchase Program”). A copy of the press release announcing the Share Repurchase Program is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
 
The information contained in this report, including Exhibit 99.1 attached hereto, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that section. The information shall not be deemed incorporated by reference into any other filing with the Securities and Exchange Commission made by the Company regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.
 
Item 9.01         Financial Statements and Exhibits.
 
             (d) Exhibits.
 
Exhibit
Description
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
BSQUARE CORPORATION
  
       
       
Date: November 29, 2022
By:
/s/ Christopher Wheaton
  
   
Chief Financial and Operating Officer,
Secretary and Treasurer
  
 
 
ex_451146.htm

Exhibit 99.1

https://cdn.kscope.io/fbd095b5a96d5cf64fb64729f0cf2d79-image01.jpg

FOR IMMEDIATE RELEASE

Bsquare Announces Share Repurchase Plan

 

Board approves plan to repurchase up to $5 million of common stock

 

Seattle, WA – November 29, 2022 – Bsquare Corporation (NASDAQ: BSQR) (“Bsquare” or the “Company”) announced today that its Board of Directors has approved a plan to repurchase up to $5 million of its common stock (the “Share Repurchase Program”).

 

“Our operating discipline and cash reserves combine to create potential for building value that is not reflected in our share price today,” said Ralph C. Derrickson, President and CEO of Bsquare. “This share repurchase program allows us to return cash to shareholders without compromising our ability to pursue organic growth or strategic alternatives,” Derrickson added.

 

Under the Share Repurchase Program, the Company is authorized to purchase shares of its common stock on a discretionary basis from time to time through open market purchases, privately negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities Exchange Act of 1934. The Share Repurchase Program has no time limit and may be suspended or discontinued completely at any time. The number of shares to be purchased and the timing of purchases will be based on the Company's trading windows and available liquidity, general business and market conditions, and other factors, including legal requirements, and alternative investment opportunities.

 

About Bsquare Corporation

 

Bsquare helps companies build connected products that participate intelligently in their own security, deployment, operation, and management, allowing our customers to realize the full potential of a connected world. We have extensive experience designing with Windows, Linux, Android, and other embedded operating systems and now operate IoT networks ranging in size from 50,000 to more than 1 million devices for our customers. Our technology is powering devices that help people be productive, enhance quality of life, and preserve the resources of our planet. Bsquare serves a global customer base from offices in Seattle, WA, and the United Kingdom. For more information, visit www.bsquare.com.

 

Cautionary Note Regarding Forward-Looking Statements

 

This release contains "forward-looking statements" within the meaning of the safe-harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "expect," "continue," "believe," "plan," "strategy," "future," "may," "should," "will," and similar references to future periods. Examples of forward-looking statements include, among others, express or implied statements we make regarding the potential success of the Share Repurchase Program, our ability to achieve our business strategies, growth, or other future events or conditions. Forward-looking statements are neither historical facts nor assurances about future performance. Instead, they are based on current beliefs, expectations and assumptions about the future of our business and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Therefore, you should not rely on any of these forward-looking statements.

 

Bsquare and Investor Contact:

 

Christopher Wheaton
Bsquare Corporation, Chief Financial and Operating Officer +1 425.519.5900
investorrelations@bsquare.com

 

Bsquare and the Bsquare Logo are trademarks of Bsquare Corporation in the U.S. and other countries.

Other names and brands herein may be trademarks of others.

 

 

 

 

1415 Western Avenue, Suite 700, Seattle, Washington 98101 Toll Free: 888.820.4500 Main: +1 425.519.5900 Fax: +1 425.519.5999