Item 7.01 Regulation FD Disclosure.
On April 5, 2023, Focus Universal Inc., a Nevada corporation (the "Company")
issued a press release announcing that its board of directors has approved the
establishment of a share repurchase program, the details of which are set forth
in Item 8.01 below. A copy of the Press Release is furnished as Exhibit 99.1 to
this Current Report on Form 8-K.
In accordance with General Instruction B.2 of Form 8-K, the information
presented herein under Item 7.01 and set forth in the attached Exhibit 99.1 is
deemed to be "furnished" solely pursuant to Item 7.01 of this Current Report on
Form 8-K and shall not be deemed "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, nor shall such information or the
exhibit be deemed incorporated by reference into any filing under the Securities
Act of 1933, as amended, or the Exchange Act.
Item 8.01 Other Events.
On April 5, 2023, the board of directors of the Company approved the Company's
establishment of a share repurchase program (the "Repurchase Program")
authorizing the Company to purchase up to $7 million of the Company's common
stock. Pursuant to the Repurchase Program, the Company may, from time to time,
repurchase its common stock in the open market, in privately negotiated
transactions or by other means, including through the use of trading plans
intended to qualify under Rule 10b5-1 of the Securities Exchange Act of 1934, as
amended, in accordance with applicable securities laws and other restrictions.
The timing and total amount of any repurchases made under the Repurchase Program
will depend upon business, economic and market conditions, corporate and
regulatory requirements, prevailing stock prices, and other considerations. The
authorization expires on April 1, 2025, and may be suspended or discontinued at
any time, and does not obligate the company to acquire any amount of common
stock.
The Company intends to finance the Repurchase Program through the refinance of
its commercial real property that is owned outright by the Company.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press Release dated April 5, 2023
104 Cover Page Interactive Data File (embedded within the inline XBRL
document)
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