UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): May 22, 2018
Victory Capital Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
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001-38388 |
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32-0402956 |
(State or Other Jurisdiction |
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(Commission |
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(IRS Employer |
of Incorporation) |
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File Number) |
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Identification Number) |
4900 Tiedeman Road, 4th Floor; Brooklyn, OH |
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44144 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (216) 898-2400
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 8.01 Other Events
On May 22, 2018, Victory Capital Holdings, Inc. (the Company) issued a press release announcing that its Board of Directors authorized the Company to repurchase up to an aggregate of $15,000,000 of the Companys Class A common stock. These repurchases may be made in privately negotiated transactions, through block trades, pursuant to open market purchases, or pursuant to any trading plan adopted in compliance with Rule 10b5-1. The manner, timing, share number and price, of the repurchases will be determined by the Company, subject to market conditions, applicable securities laws, alternative investment opportunities and other factors. The Boards authorization does not obligate the Company to acquire any particular amount of Class A common stock, and may be modified, suspended or terminated at any time.
A copy of the press release announcing approval of the share repurchase program is attached as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits
Exhibits. The following exhibits are filed herewith:
Exhibit |
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Number |
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Description |
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99.1 |
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Press release dated May 22, 2018. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
VICTORY CAPITAL HOLDINGS, INC. |
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Dated: May 22, 2018 |
By: |
/s/Terence F. Sullivan |
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Name: Terence F. Sullivan |
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Title: Chief Financial Officer and Head of Strategy |
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VICTORY CAPITAL ANNOUNCES SHARE REPURCHASE PROGRAM
Cleveland, Ohio, May 22, 2018 Victory Capital Holdings, Inc. (Victory Capital) (NASDAQ: VCTR) today announced that its Board of Directors has approved a share repurchase program authorizing the repurchase of up to $15 million of its Class A Common Stock. The manner and timing of the repurchases and the amount of stock repurchased will be decided at the discretion of Victory Capital.
This repurchase program is a reflection of our confidence in our long-term business strategy and our commitment to driving value for our shareholders, said David Brown, Chairman and Chief Executive Officer of Victory Capital. The strong fundamentals of our business provide us with the flexibility to buy back shares while remaining focused on the disciplined execution of our corporate vision, which combines strategic acquisitions with organic growth.
About Victory Capital
Victory Capital is a global investment management firm operating a next-generation, integrated multi-boutique business model with $60.9 billion in assets under management as of March 31, 2018.
Victory Capitals differentiated model is comprised of nine Investment Franchises, each with an independent culture and investment approach. Additionally, the Company offers a rules-based Solutions Platform, featuring the VictoryShares ETF brand, as well as custom and multi-asset class solutions. The Companys Investment Franchises and Solutions Platform are supported by a centralized distribution, marketing and operational environment, in which the investment professionals can focus on the pursuit of investment excellence.
Victory Capital provides institutions, financial advisors and retirement platforms with a variety of asset classes and investment vehicles, including separately managed accounts, collective trusts, mutual funds, ETFs and UMA/SMA vehicles.
For more information, please visit www.vcm.com.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may include, without limitation, any statements preceded by, followed by or including words such as target, believe, expect, aim, intend, may, anticipate, assume, budget, continue, estimate, future, objective, outlook, plan, potential, predict, project, will, can have, likely, should, would, could and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Victory Capitals control, as discussed in Victory Capitals filings with the SEC, that could cause Victory Capitals actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements.
Although it is not possible to identify all such risks and factors, they include, among others, the following: reductions in AUM based on investment performance, client withdrawals, difficult market conditions and other factors; the nature of the Companys contracts and investment advisory agreements; the Companys ability to maintain historical returns and sustain its historical growth; the Companys dependence on third parties to market its strategies and provide products or services for the operation of its business; the Companys ability to retain
key investment professionals or members of its senior management team; the Companys reliance on the technology systems supporting its operations; the Companys ability to successfully acquire and integrate new companies; the concentration of the Companys investments in long-only small- and mid-cap equity and U.S. clients; risks and uncertainties associated with non-U.S. investments; the Companys efforts to establish and develop new teams and strategies; the ability of the Companys investment teams to identify appropriate investment opportunities; the Companys ability to limit employee misconduct; the Companys ability to meet the guidelines set by its clients; the Companys exposure to potential litigation (including administrative or tax proceedings) or regulatory actions; the Companys ability to implement effective information and cyber security policies, procedures and capabilities; the Companys substantial indebtedness; the potential impairment of the Companys goodwill and intangible assets; disruption to the operations of third parties whose functions are integral to the Companys ETF platform; the Companys determination that Victory Capital is not required to register as an investment company under the 1940 Act; the fluctuation of the Companys expenses; the Companys ability to respond to recent trends in the investment management industry; the level of regulation on investment management firms and the Companys ability to respond to regulatory developments; the competitiveness of the investment management industry; the dual class structure of the Companys common stock; the level of control over the Company retained by Crestview GP; the Companys status as an emerging growth company and a controlled company; and other risks and factors listed under Risk Factors and elsewhere in the Companys filings with the SEC.
Such forward-looking statements are based on numerous assumptions regarding Victory Capitals present and future business strategies and the environment in which it will operate in the future. Any forward-looking statement made in this press release speaks only as of the date hereof. Except as required by law, Victory Capital assumes no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.
INVESTOR RELATIONS WEBSITE
Victory Capital may use the Investor Relations section of its website, https://ir.vcm.com, to disclose material information to investors and the marketplace as a means of disclosing material, non-public information and for complying with disclosure obligations under Regulation Fair Disclosure (Reg FD). Victory Capital encourages investors, the media and other interested parties to visit its investor relations website regularly.
Contacts
Investors:
Lauren Crawford, 310-622-8239
lcrawford@finprofiles.com
Media:
Tricia Ross, 310-622-8226
tross@finprofiles.com