INSTITUTIONAL FINANCIAL MARKETS,INC. (NYSE:C) Files An 8-K Other EventsItem 8.01 Other Events.
On March 17, 2017, IFMI, LLC (“IFMI”), a Delaware limited liability company and a majority owned subsidiary of Institutional Financial Markets, Inc., a Maryland corporation (the “Company”), entered into a letter agreement (the “Agreement”) with Sandler O’Neill & Partners, L.P. (“Agent”). Subject to the terms and conditions of the Agreement, Agent has agreed to use its commercially reasonable efforts to purchase, on IFMI’s behalf, up to $2 million of the shares of the Company’s common stock, $0.001 par value per share (“Common Stock”), on any day that the NYSE MKT is open for business. The Agreement will end no later than March 17, 2018. to the Agreement, purchases of Common Stock may be made in public and private transactions and must comply with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Agreement is designed to comply with Rule 10(b)5-1 under the Exchange Act.
The Agreement was entered into in connection with the Company’s existing repurchase plan, as previously disclosed in the Company’s periodic reports from time to time, which permits the Company to repurchase shares of Common Stock from time to time in open market purchases or privately negotiated transactions.