Core & Main, Inc. has announced an underwritten secondary public offering of 5 million shares of its Class A common stock by certain selling stockholders. Core & Main, Inc. is not offering any shares of Class A common stock and will not receive any proceeds from the offering. Concurrent with the completion of the offering, Core & Main expects to repurchase and redeem, from the selling stockholders, 9,377,183 shares of its Class A common stock and 5,622,817 partnership interests of its subsidiary Core & Main Holdings, LP at the same per share price to be paid by the underwriter to the selling stockholders in the offering. J.P. Morgan Securities LLC is acting as the sole underwriter for the offering. It's important to note that the offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed.
Muscle Maker, a global agricultural-commodity supply chain and restaurant company, has authorized a share repurchase program to repurchase up to $2 million of GRIL outstanding common stock. According to CEO Michael Roper, the decision is part of a larger work-plan being implemented to increase awareness and confidence among investors, as Muscle Maker recognizes that its shares remain undervalued despite generating $58.5 million and $58.0 million of revenue in January and February, respectively. The share repurchase may potentially express management's confidence in Muscle Maker's vision and strategy going forward, as well as create value for shareholders. The timing, number of shares repurchased, and prices paid for the shares under the program will depend on general business and market conditions, the trading price of GRIL common stock, and corporate and regulatory limitations.
Anika Therapeutics, a global joint preservation company, announced today that it has authorized a $20 million share repurchase program. The program will consist of an accelerated repurchase of $5 million and $5 million will be purchased in the open market over the next 12 months, subject to market conditions. The remaining $10 million will be purchased in the open market over the next 12 months subject to Anika Therapeutics generating positive cash flow. This buyback replaces Anika Therapeutics's share repurchase program that was announced in May 2019. Anika has appointed Gary Fischetti as a Class III director and he will join two existing board members on a newly formed Capital Allocation Committee of the Board. Caligan Partners LP has entered into a cooperation agreement with Anika and agreed to support the Board's full slate of directors at the 2023 Annual Meeting.
Manhattan Bridge Capital, Inc. has authorized a common stock repurchase plan of up to 100,000 common shares in market or off-market transactions at prevailing prices over the next twelve months. The Board of Directors has given Manhattan Bridge Capital discretion to determine the manner, timing, and number of shares purchased. The decision to authorize the share repurchase was made after the market reacted negatively to recent news and market conditions related to Manhattan Bridge Capital, resulting in a decrease in share price. Chairman of the Board and CEO, Assaf Ran, expressed confidence in the strength of Manhattan Bridge Capital's portfolio and believes that the decline in share price presents an opportunity for Manhattan Bridge Capital to invest in its own shares.
Garrett Motion Inc, an automotive tech provider, recently entered into definitive agreements with Centerbridge Partners L.P. and Oaktree Capital Management L.P. for capital structure simplification. As part of the agreement, all outstanding Series A preferred stock will be converted into a single class of common stock on or about July 3, 2023, adding over $100 million of incremental annual net cash flow to support investments. Garrett Motion also authorized a share repurchase of $250 million and has agreed to repurchase approximately $570 million of Series A Preferred Stock from Centerbridge and Oaktree, reducing their ownership from 22% and 23% to 15%, respectively.
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