Hammond Co. Completes Buyback
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NEWPORT BEACH — The Hammond Co. said Thursday that it has completed a stock buyback program intended to restore the publicly held company to private ownership.
The mortgage banking firm, which went public in 1983, paid $976,000 to buy back 244,000 shares of common stock in its self-tender offer.
The self-tender was designed to cut the number of shareholders to below 300 so Hammond can be “delisted” from the NASDAQ automated quotation system.
Hammond will now be a closely held instead of publicly traded company, and as such will be exempt from the Security and Exchange Commission’s public reporting requirements.
Hammond said it has raised $2.2 million with the sale of 276,750 shares of preferred stock to private investors, including a number of corporate officers and directors. Part of the proceeds were used to finance the buyback of common stock.
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