Item 8.01 Other Events.
On March 16, 2023, Crimson Wine Group, Ltd. (the "Company") announced that the
Board of Directors (the "Board") of the Company authorized a stock repurchase
program pursuant to which the Company may repurchase up to an aggregate of
2,000,000 shares of the Company's common stock.
In connection with the stock repurchase program, on March 16, 2023, the Company
adopted a stock trading plan in accordance with Rule 10b5-1 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), to repurchase shares of
the Company's common stock (the "10b5-1 Plan") beginning March 31, 2023. Under
the Company's 10b5-1 Plan, a broker will purchase up to an aggregate of
2,000,000 shares of the Company's common stock at prevailing market prices with
a maximum price per share of $7.00, provided that in no event will purchases on
any purchase day exceed 25% of the average daily trading volume reported for the
Company's common stock during the four calendar weeks preceding the week in
which the relevant purchase is to be effected. All repurchases will be made in
compliance with Rule 10b-18 of the Exchange Act.
The 10b5-1 Plan adopted by the Company is intended to comply with Rule 10b5-1 of
the Exchange Act and the Company's Insider Trading and Anti-Tipping Policy,
which permit issuers, officers, directors or employees who are not then in
possession of material non-public information to enter into a pre-arranged plan
for buying or selling the Company's common stock under specified conditions and
at specified times.
Any repurchases described in this Current Report on Form 8-K will be funded with
available cash. The amount of the Company's common stock repurchased, if any,
will depend on market conditions, including the price of the Company's common
stock.
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