Onvia 8-K 2015
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
December 18, 2015
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
Registrant’s telephone number, including area code: (206) 282-5170
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):
Item 1.01 Entry into a Material Definitive Agreement.
On December 18, 2015, Onvia, Inc., a Delaware corporation (the “Company”) entered into a stock repurchase agreement (the “Stock Repurchase Agreement”) with Nadel and Gussman Energy, LLC (the “Repurchase Stockholder”) to repurchase shares of the Company’s common stock, par value $0.0001 (the “Common Stock”) directly from the Repurchase Stockholder (the “Share Repurchase”) in a private, non-underwritten transaction. Under the terms of the agreement, the Company has repurchased from the Repurchase Stockholders 349,497 shares of the Common Stock at a price of $3.00 per share for a total purchase price of $1,048,491.
The managers of Nadel and Gussman Energy, LLC are also the managers of Asamara, LLC and following the Share Repurchase, Asamara, LLC will continue to hold approximately 17% of outstanding shares of Onvia Common Stock.
The foregoing discussion of the Stock Repurchase Agreement is qualified in its entirety by the complete text of the Stock Repurchase Agreement, a copy of which is attached as Exhibit 10.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
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.