UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s Telephone Number, Including Area Code: +
(Former Name or Former Address, if Changed Since Last Report)
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:
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 Act:
Title of each class |
Trading |
Name of each exchange | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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 March 18, 2022, the board of directors of Membership Collective Group Inc. (the “Company”) and a relevant sub-committee thereof authorized and approved a stock repurchase program for up to $50 million of the currently outstanding shares of the Company’s Class A common stock. The Company intends to repurchase the Company’s common stock on the open market or in privately negotiated transactions, or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company may elect to conduct certain repurchases in connection with a trading plan adopted pursuant to Rule 10b5-1 under the Exchange Act.
A copy of the Company’s press release announcing the stock repurchase program is furnished hereto as Exhibit 99.1 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibits.
Exhibit Number |
Description | |
99.1 | Press Release dated March 18, 2022 | |
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.
Membership Collective Group Inc. | ||||||||
Date: | March 18, 2022 | By: | /s/ Humera Afzal | |||||
Humera Afzal | ||||||||
Chief Financial Officer |
Exhibit 99.1
Investor Relations ir@membershipcollectivegroup.com
Media and Press press@membershipcollectivegroup.com |
LONDON, U.K. March 18, 2022 Membership Collective Group Inc. (NYSE: MCG) (MCG, Company, we or our), a global membership platform of physical and digital spaces that connects a vibrant, diverse, and global group of members, today announced that its board of directors and a relevant sub-committee thereof authorized a stock repurchase program to repurchase up to USD$50 million of the Companys Class A common stock.
Under the stock repurchase program, the Company is authorized to repurchase from time to time shares of its outstanding Class A common stock on the open market or in privately negotiated transactions in the United States.
The timing and amount of stock repurchases will depend on a variety of factors, including market conditions as well as corporate and regulatory considerations. The stock repurchase program may be suspended, modified or discontinued at any time and the Company has no obligation to repurchase any amount of its common stock under the program. The Company intends to make all repurchases in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934 (the Exchange Act), as amended. MCG may elect to conduct certain of these repurchases in connection with a trading plan adopted pursuant to Rule 10b5-1 under the Exchange Act.
Ron Burkle, Executive Chairman of the Board, said: This step reflects our belief in the favorable long-term opportunity ahead, given the companys scale and pace of international growth.
With an accelerated pipeline of nine new Soho House openings this year and eight to ten per year thereafter, together with an increased demand for memberships, expansion into new markets and positive momentum post Covid, we remain increasingly confident in the future performance of MCG.
Forward Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our expected financial performance and operational performance for future periods, as well as statements that include the words expect, intend, plan, believe, project, forecast, estimate, may, should, anticipate and similar statements of a future or forward-looking nature. These forward-looking statements are based on managements current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including important factors discussed under the caption Risk Factors in our Annual Report on Form 10-K for the year ended January 2, 2022 and as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SECs website at www.sec.gov. In addition, we operate in rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements that we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. In addition, the forward-looking statements made in this release relate only to events or information as of the date on which the statements are made in this release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Contacts:
Investor Relations
ir@membershipcollectivegroup.com
Media and Press
press@membershipcollectivegroup.com
About Membership Collective Group:
The Membership Collective Group (MCG) is a global membership platform of physical and digital spaces that connects a vibrant, diverse and global group of members. These members use the MCG platform to work, socialize, connect, create and flourish all over the world. We began with the opening of the first Soho House in 1995 and remain the only company to have scaled a private membership network with a global presence. Members around the world engage with MCG through our global collection of 33 Soho Houses, 9 Soho Works, The Ned in London, Scorpios Beach Club in Mykonos, Soho Home our interiors and lifestyle retail brand and our digital channels. The LINE and Saguaro hotels in North America also form part of MCGs wider portfolio.
For more information, please visit www.membershipcollectivegroup.com.
Source: Membership Collective Group (MCG)
W2UK?U\@/I+XO?%S3?A1X7T37!IDWB?5/%7BOPQX,\(>'M/O;:SFU_
M6_$]ZD-NL5_<*\-M96NFK?ZG<7+*R1VVG3.>,&GL!XR/VH/&.N:=JGC?X;_L
M_>,_B#\(M)GOD3QW8^)/#6C:KXIT_29Y(-5UWP)X(U25;_Q)HT;07)MI7GLG
MOUAS:QON71+MXV:.X5C+[=@V/W5_9H^$$'P)^"'P_\ AFHA;4-"T9)_
M$%Q !Y=UXFU6235-?G1@3YD0U.[N(HF)SY,$0[4TK+T#]#T3QY\0?!7PP\-7
MOC#Q_P")-+\*^&]/,:7&J:M<>3"9IB5M[2VB4-->WTS K%:VT
Document and Entity Information |
Mar. 18, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Mar. 18, 2022 |
Entity Registrant Name | Membership Collective Group Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-40605 |
Entity Tax Identification Number | 86-3664553 |
Entity Address, Address Line One | 180 Strand |
Entity Address, City or Town | London |
Entity Address, Country | GB |
Entity Address, Postal Zip Code | WC2R 1EA |
Country Region | 44 |
City Area Code | 207 |
Local Phone Number | 8512300 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, par value $0.01 per share |
Trading Symbol | MCG |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Amendment Flag | false |
Entity Central Index Key | 0001846510 |
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end