Item 1.01 Entry into a Material Definitive Agreement.

CCC Sale Transaction

On January 11, 2023, an indirect subsidiary of Startek, Inc. (the "Company") entered into a definitive Sale and Purchase Agreement (the "Purchase Agreement") pursuant to which Arabian Internet and Communications Services Company ("Solutions") will acquire the Company's indirect 51 percent ownership interest in Contact Center Company ("CCC"), which is the Company's joint venture that operates in the Kingdom of Saudi Arabia. Solutions will also be acquiring the remaining 49 percent ownership interest in CCC held by Saudi Telecom Company ("STC") pursuant to the Purchase Agreement. The Purchase Agreement provides for a transaction based on an enterprise value for CCC of SAR 450 million, on debt free and cash free basis, to be paid in cash at closing, subject to the adjustments set forth in the Purchase Agreement. Under the Purchase Agreement, the Company will act as a guarantor for the obligations of its indirect subsidiary that owns the Company's interests in CCC.

The closing of the transactions contemplated by the Purchase Agreement are subject to customary conditions as set forth in the Purchase Agreement, including consents required under the Company's secured revolving credit facility and senior term loan facility agreement. The Purchase Agreement contains representations, warranties, indemnification obligations and covenants of the parties customary for a transaction of this type.

It is anticipated that the closing of the closing of the transactions contemplated by the Purchase Agreement will occur during the second quarter of 2023.

Forward-Looking Statements

The matters regarding the future discussed in this Form 8-K include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are intended to be identified in this document by the words "anticipate," "believe," "estimate," "expect," "intend," "may," "objective," "outlook," "plan," "project," "possible," "potential," "should" and similar expressions. As described below, such statements are subject to a number of risks and uncertainties that could cause the actual Startek results to differ materially from those expressed or implied by any such forward-looking statements. Readers are encouraged to review risk factors and all other disclosures appearing in the Company's Form 10-K for the fiscal year ended December 31, 2021, as filed with the Securities and Exchange Commission (SEC) on March 14, 2022, as well as other filings with the SEC, for further information on risks and uncertainties that could affect the Startek business, financial condition and results of operation. Copies of these filings are available from the SEC, the Company's website or the Company's investor relations department. Startek assumes no obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date herein.

Item 9.01 Financial Statements and Exhibits.





Exhibit Number           Exhibit Description
99.1                       Press Release Dated January 11, 2023
104                      Cover Page Interactive Data File (embedded within the
                         Inline XBRL document)

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