- Gogo ( NASDAQ: GOGO ) has agreed to repurchase 1.5M shares of common stock owned by affiliates of BlackRock in a private transaction, for an aggregate purchase price of $18,345,000, or $12.23/share.
- The closing of the buyback will take place on or before September 21, 2022 and is expected to be funded with cash on hand.
- Further it announced that BlackRock inadvertently acquired beneficial ownership of more than 4.9% of Gogo's common stock, exceeding the threshold stipulated in Gogo's Section 382 Rights Agreement, dated September 23, 2020.
- On September 15, 2022 following approval by the Gogo board, it requested that BlackRock divest sufficient shares of common stock to take its beneficial ownership below 4.9%.
- Further, Gogo estimates that after the closing of the buyback, BlackRock will divest another ~100,000 shares in order to divest enough shares of common stock so as to not be deemed an "Acquiring Person" under the plan.
For further details see:
Gogo buybacks 1.5M shares of common stock from Blackrock