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
Date of Report (Date of Earliest Event Reported):
(Exact Name of Registrant as Specified in its Charter)
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
|
||
(Address of Principal Executive Offices) | (Zip Code) |
(Registrant’s Telephone Number, Including Area Code)
Former Name or Former Address, If Changed Since Last Report: N/A
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) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class |
Trading |
Name of Each Exchange on which Registered | ||
(NASDAQ Global Select Market) |
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. ☐
Item 7.01. | Regulation FD Disclosure. |
On October 18, 2024, The ODP Corporation (the “Company”) sold its Varis Division (“Varis”) to an affiliate of Arising Ventures, while retaining a minority interest of 19.9% after the sale. Under the terms of the related stock purchase agreement, the Company will fund up to $4 million of expenses that may be incurred by Varis following the transaction date until December 31, 2025, and has no further obligations to contribute capital to Varis. The completion of the sale of Varis aligns with the Company’s previously stated objectives of finalizing its capital commitment to Varis while providing the Company with a continued invested interest in future opportunities. The terms of the sale did not result in a materially different impact than previously estimated on the Company’s financial statements.
The information furnished pursuant to Item 7.01 in this Current Report on Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.
SIGNATURE
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.
THE ODP CORPORATION | ||||||
Date: October 22, 2024 | /s/ Sarah E. Hlavinka | |||||
Name: | Sarah E. Hlavinka | |||||
Title: | EVP, Chief Legal Officer and Corporate Secretary |
Document and Entity Information |
Oct. 18, 2024 |
---|---|
Cover [Abstract] | |
Entity Registrant Name | ODP Corp |
Amendment Flag | false |
Entity Central Index Key | 0000800240 |
Document Type | 8-K |
Document Period End Date | Oct. 18, 2024 |
Entity Incorporation State Country Code | DE |
Entity File Number | 1-10948 |
Entity Tax Identification Number | 85-1457062 |
Entity Address, Address Line One | 6600 North Military Trail |
Entity Address, City or Town | Boca Raton |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 33496 |
City Area Code | (561) |
Local Phone Number | 438-4800 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Common Stock, par value $0.01 per share |
Trading Symbol | ODP |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
?9Z$T9G_0K/K2M#R" M)QP/7#N*_MR\V_FD)P%7X5;4U)=4T:=C\\$;-O:?$/:\$+SB3<*QKKZ,CKTZ M3OYLLOQF_&G@?9&F2[Y;(ZMS89T0UY?8"<,.FS^;+&/!:$(UY?,'::T?1G_V4 M@]X,E%J"_/7:^L(J]^N8 M^;8/"G)NQ]TF*E5Z8^3W#O.*S"R="U)?@J[8=R/]A*^0Z.DK-T!381R>W M1^R;?1#0E/P%4$L! A0#% @ CH9665>SXT.S#P >%X X M ( ! &0X-# U,#%D.&LN:'1M4$L! A0#% @ CH9665$B@YY! M P 5 L ! ( !WP\ &]D<"TR,#(T,3 Q."YX