UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): September 10, 2015
SYNUTRA INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Delaware (State or other jurisdiction of incorporation)
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001-33397 (Commission File Number)
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13-4306188 (I.R.S. Employer Identification Number)
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2275 Research Drive, Suite 500 Rockville, MD 20850 (Address of principal executive offices, including zip code)
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Registrant’s telephone number, including area code: (301) 840-3888
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 Instruction 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))
Item 7.01 Regulation FD Disclosure.
On September 10, 2015, the registrant’s Board of Directors approved a share repurchase program effective on September 11, 2015, authorizing, but not obligating, the repurchase of up to an aggregate amount of $20,000,000 of its common stock from time to time through September 10, 2016. The registrant expects to acquire shares primarily through open market transactions, subject to market conditions and other factors and may enter into a Rule 10b5-1 trading plan to facilitate open market repurchases.
A copy of the press release issued by the registrant on September 10, 2015 is attached to this current report on Form 8-K as Exhibit 99.1.
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.
SYNUTRA INTERNATIONAL, INC. (Registrant)
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Date: September 10, 2015 |
By: |
/s/ Ning Cai | |
Name: Ning Cai | |||
Title: Chief Financial Officer | |||
EXHIBIT INDEX
Exhibit | ||
No. | Document | |
99.1 | Synutra International, Inc. Press Release dated September 10, 2015. |
Exhibit 99.1
Synutra Announces Share Repurchase Program
Qingdao, China and Rockville, Md. – September 10, 2015 – Synutra International, Inc. (Nasdaq: SYUT), (“Synutra” or the “Company”), which owns subsidiaries in China that produce, distribute and sell nutritional products for infants, children and adults, today announced that its board of directors has approved a share repurchase program under which the Company may repurchase up to $20 million of shares of the Company’s common stock over the next 12 months.
Mr. Liang Zhang, Chairman and CEO of Synutra, commented, "This share repurchase program demonstrates the confidence we have in Synutra and its growth prospects. We believe that purchasing our stock will be a very prudent use of our funds and is consistent with management's goal of increasing shareholder value."
Under the program, Synutra may repurchase shares from time to time in open market transactions. The timing and amount of repurchase transactions will be determined by the Company's management based on its evaluation of market conditions, share price, legal requirements and other factors. Synutra expects to implement this share repurchase program in a manner consistent with market conditions and the interests of the Company's shareholders. The program may be suspended or discontinued at any time. Synutra plans to fund repurchases made under this program from its available cash balance.
About Synutra International, Inc.
Synutra International, Inc. (Nasdaq: SYUT) is a leading infant formula company in China. It principally produces, markets and sells its products through its operating subsidiaries under the "Shengyuan" or "Synutra" name, together with other complementary brands. It focuses on selling premium infant formula products, which are supplemented by more affordable infant formulas targeting the mass market as well as other nutritional products and ingredients. It sells its products through an extensive nationwide sales and distribution network covering all provinces and provincial-level municipalities in mainland China. As of June 30, 2015, this network comprised over 760 independent distributors and over 300 independent sub-distributors who sell Synutra products in approximately 22,100 retail outlets.
Forward-looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our current expectations, assumptions, estimates and projections about Synutra International, Inc. and its industry. All statements other than statements of historical fact in this release are forward-looking statements. In some cases, these forward-looking statements can be identified by words or phrases such as "anticipate," "believe," "continue," "estimate," "expect," "intend," "is/are likely to," "may," "plan," "should," "will," "aim," "potential," "continue," or other similar expressions. The forward-looking statements included in this press release relate to, among others, Synutra's goals and strategies; its future business development, financial condition and results of operations, particularly the progress on the new drying facility project in France; the expected growth of the nutritional products and infant formula markets in China; market acceptance of Synutra’s products; the safety and quality of Synutra’s products; Synutra's expectations regarding demand for its products; Synutra's ability to stay abreast of market trends and technological advances; competition in the infant formula industry in China; PRC governmental policies and regulations relating to the nutritional products and infant formula industries and our ability to meet governmental requirements, and general
economic and business conditions in China. These forward-looking statements involve various risks and uncertainties. Although Synutra believes that the expectations expressed in these forward-looking statements are reasonable, these expectations may turn out to be incorrect. Synutra's actual results could be materially different from the expectations. Important risks and factors that could cause actual results to be materially different from expectations are generally set forth in Synutra's filings with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this press release. Synutra International, Inc. undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.
FOR FURTHER INFORMATION:
Synutra International, Inc.
Investor Relations Department
ir@synutra.com or 646-328-2552