11/15/2024 | Press release | Distributed by Public on 11/15/2024 05:17
Item 8.01. Other Events.
On November 14, 2024, Taylor Morrison Home Corporation (the "Company") entered into an accelerated share repurchase agreement (the "ASR Agreement") with JPMorgan Chase Bank, National Association. Under the ASR Agreement, the Company will purchase an aggregate of $50 million (the "Repurchase Price") of the Company's common stock, par value $0.00001 per share (the "Common Stock"), as part of its previously announced $1 billion share repurchase program.
Under the terms of the ASR Agreement, on November 15, 2024, the Company will pay the Repurchase Price and receive Common Stock with an aggregate value of 80% of the Repurchase Price based on the closing share price of the Common Stock on November 15, 2024. The total number of shares that the Company will ultimately repurchase under the ASR Agreement will be determined based on the volume-weighted average price of the Common Stock during the term of the ASR Agreement, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreement. Final settlement of the ASR Agreement is expected to occur no later than the first quarter of 2025.