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): January 23, 2020
(Exact name of registrant as specified in its charter)
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Delaware
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0-21121
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06-1456680
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(State or other jurisdiction of incorporation)
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(Commission file number)
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(I.R.S. employer identification no.)
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One Hamden Center
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2319 Whitney Ave, Suite 3B, Hamden, CT
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06518
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number, including area code: (203) 859-6800
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:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common stock, par value $.01 per share
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TACT
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NASDAQ Global Market
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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 (17 CFR
§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §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.
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On January 23, 2020, TransAct Technologies Incorporated (the “Company”) issued a press release announcing the cessation of the quarterly cash dividend on the
Company’s common stock. A copy of the press release is furnished as Exhibit 99.1 to this report.
The foregoing information is being furnished pursuant to Item 7.01 “Regulation FD Disclosure” of Form 8-K. Such information, including the exhibit attached
hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be
expressly set forth by specific reference in such filing.
| Item 9.01 |
Financial Statements and Exhibits.
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(d) Exhibits
| 99.1 |
Press release dated January 23, 2020 of TransAct Technologies Incorporated
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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.
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TRANSACT TECHNOLOGIES INCORPORATED
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By:
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David B. Peters
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Vice President & Chief Accounting Officer
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Date: January 23, 2020
TransAct Technologies ends quarterly cash dividend on the Company’s common stock
Company changes name of Restaurant Solutions to Food Service Technologies to better reflect the growing opportunity
Hamden, CT – January 23, 2020 – TransAct Technologies Incorporated (Nasdaq: TACT), a global leader in software-driven technology and
printing solutions for high-growth markets, announced today that the Board of Directors has ceased, effective immediately, the quarterly cash dividend on the Company’s common stock. This decision will make available approximately $2.7 million
annually to accelerate the Company’s investments in the sales and marketing and continued product development of the BOHA!™ ecosystem.
Bart Shuldman, Chairman and Chief Executive Officer of TransAct, commented, “We are really excited about the growing BOHA! opportunities and the dividend savings will allow us
to invest in additional salespeople and marketing initiatives to accelerate revenue growth. Given the growing sales opportunities in the Convenience Store, Casino, University and Colleges and Food Service Management markets, we have also decided
to change the name of Restaurant Solutions to Food Safety Technologies to better reflect the larger opportunity for BOHA!.”
BOHA! is the first single-vendor solution to help restaurants and food service providers reduce labor costs, provide quality food and meet new labeling standards. BOHA!
combines applications for Food Safety Labeling, Temperature Monitoring of Food and Equipment, Timers, Checklists & Procedures, Inventory Management, Food Recalls, Equipment Service Management and Delivery Management in one fully integrated
platform. Each BOHA! solution combines cloud-based SaaS applications with hardware and accessories to deliver superior results for critical back-of-house operations. BOHA! offers a one-stop solution for restaurants and food service companies to
address their current back-of-house operating requirements while providing a future-ready platform capable of addressing back-of-house operations as they continue to evolve. BOHA! Terminal includes TEMS (TransAct Enterprise Management System) to
ensure that only approved apps and functions are available on the device.
Forward-Looking Statements
Certain statements in this press release include forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology,
such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", or "continue", or the negative thereof, or other similar words. These forward-looking statements involve risks and uncertainties, as well as assumptions that, if they
do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. More information about these and other risks that may impact the Company’s business are
set forth in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) for the period ended December 31, 2018, and the Company’s subsequent periodic and current reports filed with the SEC. All
forward-looking statements in this press release are based on information available as of the date hereof, and the Company assumes no obligation to update these forward-looking statements.
About TransAct Technologies Incorporated
TransAct Technologies Incorporated is a global leader in developing software-driven technology and printing solutions for high-growth markets including food service
technologies, POS automation, casino and gaming, and oil and gas. The Company’s solutions are designed from the ground up based on customer requirements and are sold under the BOHA!™, AccuDate™, EPICENTRAL®, Epic®, Ithaca® and Printrex® brands.
TransAct has sold over 3.3 million printers and terminals around the world and is committed to providing world-class service, spare parts and accessories to support its installed product base. Through the TransAct Services Group, the Company also
provides customers with a complete range of supplies and consumable items both online at http://www.transactsupplies.com and through its direct sales team. TransAct is headquartered in Hamden, CT. For more information, please visit
http://www.transact-tech.com or call (203) 859-6800.
BOHA! is a trademark of TRANSACT Technologies Incorporated. ©2020 TRANSACT Technologies Incorporated. All rights reserved.
Investor Contact:
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Steve DeMartino
President and Chief Financial officer
TransAct Technologies Incorporated
203-859-6810
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Michael Bowen
ICR, Inc.
Michael.Bowen.icrinc.com
646-277-1290
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Marc P. Griffin
ICR, Inc.
Marc.Griffin@icrinc.com
646-277-1290
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