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
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| Item 8.01. | Other Events. |
On October 23, 2024, the Board of Directors of Sachem Capital Corp. (the “Company”) adopted a new stock repurchase plan (the “Repurchase Program”) to replace its existing stock repurchase plan effective as of October 10, 2024, pursuant to which the Company may repurchase up to an aggregate of $5,802,959.45 of its common shares (“Common Shares”). Under the Repurchase Program, share repurchases will be made from time to time on the open market at prevailing market prices in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Repurchase Program is expected to continue until the earlier of the repurchase of all the Common Shares under the program or termination by either the Company’s Board of Directors or both of the Brokers (as defined below). Ladenburg Thalmann & Co. Inc. and Janney Montgomery Scott LLC (the “Brokers”) will act as the Company’s exclusive sales agents under the Repurchase Program.
The Company cannot predict when or if it will repurchase any Common Shares under the Repurchase Program as repurchases will depend on a number of factors, including constraints specified in any Rule 10b-18 of the Exchange Act, price, general business and market conditions, and alternative investment opportunities. Information regarding share repurchases under the Repurchase Program will be available in the Company’s periodic reports on Forms 10-Q and 10-K filed with the U.S. Securities and Exchange Commission as required by the applicable rules of the Exchange Act.
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SIGNATURES
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.
| Sachem Capital Corp. | ||
| Dated: October 28, 2024 | By: | /s/ John L. Villano |
| John L. Villano, CPA | ||
| Chief Executive Officer | ||
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