UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| ITEM 8.01 | OTHER EVENTS. |
AMCON Distributing Company ("AMCON") previously has held a minority ownership interest in Team Sledd LLC (“Team Sledd”), a West Virginia wholesale distributor serving the convenience store industry, which is jointly owned by Chas. M. Sledd Company (“Sledd”) and AMCON, and accounted for by AMCON as an equity method investment.
Pursuant to an operating agreement and a contribution agreement between AMCON and Sledd, Sledd’s membership interest in Team Sledd may be redeemed over a period of years, with such redemptions being funded from the operations of Team Sledd. Any such redemptions would result in a corresponding increase in AMCON’s ownership interest in Team Sledd.
On May 2, 2022, Team Sledd redeemed additional membership interests from Sledd resulting in a change in the ownership structure and thereby conveying control of Team Sledd’s membership and Team Sledd’s Board of Directors to AMCON. AMCON has a 56% ownership interest in Team Sledd and Sledd has a 44% ownership interest in Team Sledd after the completion of this transaction. Accordingly, AMCON intends to fully consolidate Team Sledd’s financial results into its financial statements in future reporting periods.
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AMCON DISTRIBUTING COMPANY | ||
| (Registrant) | ||
| Date: May 5, 2022 | /s/ Charles J. Schmaderer | |
| Name: | Charles J. Schmaderer | |
| Title: | Vice President, Chief Financial Officer and Secretary | |
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