UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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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:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
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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
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. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
The |
Item 8.01 Other Events.
On February 24, 2022, Ocean Bio-Chem, Inc. (the “Company”) the Board of Directors voted and approved the quarterly regular dividend increase to $0.04 per/share.
The information furnished pursuant to Item 8.01 of this Current Report, including the exhibits furnished herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into future filings by the Company under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, unless the Company expressly sets forth in such future filing that such information is to be considered “filed” or incorporated by reference therein.
Item 9.01 Financial Exhibits and Other Events
The Company is furnishing the following exhibit to this Current Report:
Exhibit No. | Description | |
99.1 | Press Release, dated February 28, 2022 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
1
SIGNATURES
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 thereunto duly authorized.
OCEAN BIO-CHEM, INC. | ||
Date: February 28, 2022 | By: | /s/ Jeffrey S. Barocas |
Jeffrey S. Barocas | ||
Chief Financial Officer |
2
EXHIBIT 99.1
OCEAN BIO-CHEM, INC. ANNOUNCES A 33 PERCENT INCREASE IN REGULAR QUARTERLY DIVIDEND
FORT LAUDERDALE, Fla., Feb. 28, 2022 /PRNewswire/ -- Ocean Bio-Chem, Inc. (NASDAQ: OBCI), the premier manufacturer and distributor for specialty chemicals in the marine, automotive, recreational vehicle and home care markets, today announced that the Company’s Board of Directors approved a quarterly regular dividend increase of 33 percent and declared a regular quarterly dividend of $0.04 per share on the Company’s Common Stock. The Company will now pay an annual regular dividend of $0.16 per share. The dividend is payable on March 25, 2022, to the Company’s Common Stock Shareholders on record on March 10, 2022.
The Company will be reporting full year 2021 financial results on March 31, 2022.
Peter Dornau, Chairman, President & CEO stated “Today’s quarterly dividend increase to $0.04 per share represents a 33% increase in our regular dividend from 2021 and a 100% increase from our quarterly dividend of $0.02 that began in 2020. This continued return to shareholders is consistent with our long-term goal of delivering exceptional results to all of our stakeholders.”
About
the Company
Ocean Bio-Chem, Inc. is principally engaged in the manufacturing, marketing, and distribution of appearance, performance and maintenance
products for the marine, automotive, power sports, recreational vehicle, home care and outdoor power equipment markets, under the Star brite®
and Star Tron® brand names. The Company sells these products within the United States and Canada. In addition, the Company produces
private label formulation of many of its products for various customers and provide custom blending and packaging services for these
and other products. The Company also manufactures, markets and distributes chlorine dioxide-based deodorizing disinfectant and sanitizing
products under the Star brite® and Performacide® brand names, utilizing a patented delivery system for use with products containing
chlorine dioxide.
Forward
Looking Statement:
Certain statements contained in this press release constitute forward-looking statements, including without limitation continued return
to shareholders is consistent with our long-term goal of delivering exceptional results to all of our stakeholders.”
For this purpose, any statements contained in this release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “believe,” “may,” “will,” “expect,” “anticipate,” “intend,” or “could,” including the negative or other variations thereof or comparable terminology, are intended to identify forward-looking statements. These statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking statements. Factors that may affect these results include, but are not limited to, the highly competitive nature of our industry; reliance on certain key customers; changes in consumer demand for our products; expenditures on, and the effectiveness of, our advertising and promotional efforts; unanticipated litigation developments; exposure to market risks relating to changes in interest rates, foreign currency exchange rates and prices for raw materials that are petroleum or chemical based; adverse changes to unemployment rates, fuel prices and the economy in general; and other factors addressed in our annual report on Form 10-K for the year ended December 31, 2020 and in our subsequent quarterly reports on Form 10-Q.
Contact:
Peter Dornau
CEO and President
pdornau@starbrite.com
954-587-6280
Jeff
Barocas
CFO & Director
Jbarocas@starbrite.com
954-587-6280
Cover |
Feb. 28, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Feb. 28, 2022 |
Entity File Number | 0-11102 |
Entity Registrant Name | OCEAN BIO CHEM INC |
Entity Central Index Key | 0000350737 |
Entity Tax Identification Number | 59-1564329 |
Entity Incorporation, State or Country Code | FL |
Entity Address, Address Line One | 4041 S.W. 47 Avenue |
Entity Address, City or Town | Fort Lauderdale |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 33314 |
City Area Code | (954) |
Local Phone Number | 587-6280 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | OBCI |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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