Boston Omaha Corporation (NASDAQ: BOMN) has announced that its board of directors approved a share repurchase program under which the company can repurchase up to USD 20,000,000 of its Class A common stock over a one year period ending June 30, 2021 through open market purchases, privately negotiated transactions, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, the company said.
The Board also authorized the company to establish “Rule 10b5-1 trading plans” for these share repurchases. Rule 10b5-1 trading plans allow companies to repurchase shares at times when they might otherwise be prevented from doing so by securities laws or because of self-imposed trading blackout periods. Under any Rule 10b5-1 trading plan the company might adopt, the company´s third-party broker, subject to Securities and Exchange Commission regulations regarding certain price, market, volume and timing constraints, would have authority to purchase the company´s Class A common stock in accordance with the terms of the plan.
Boston Omaha Corporation is a public holding company with three majority owned businesses engaged in outdoor advertising, surety insurance and broadband telecommunications services. The company also maintains minority investments in a bank, a national residential homebuilder and commercial real estate services businesses.