On January 28, 2021, Tandy Leather Factory, Inc. (the “Company”) entered into an agreement (the “Stock Repurchase Agreement”) with Central Square Management (the “Sellers”), an institutional shareholder of the Company, to repurchase 500,000 shares (the “Shares”) of the Company’s common stock, par value $0.0024 (the “Common Stock”) in a private transaction. The purchase price was $3.35 per Share and $1,675,000 in total. The closing of the repurchase (the “Closing”) of the Securities took place on February 1, 2021. Prior to the repurchase, the Shares represented approximately 5.5% of the Company’s outstanding Common Stock.

About Tandy Leather Factory, Inc. (NASDAQ:TLF)

Tandy Leather Factory, Inc. is a retailer and a wholesale distributor of a range of leather and related products. The Company’s products include leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits. The Company also manufactures leather lacing and some of its do-it-yourself kits. The Company operates through three segments: Wholesale Leathercraft, Retail Leathercraft and International Leathercraft. The Wholesale Leathercraft segment consists of a chain of wholesale stores operating under the name, The Leather Factory, located in North America. The Retail Leathercraft segment consists of a chain of retail stores operating under the name, Tandy Leather Company, located in North America. The International Leathercraft segment sells to both wholesale and retail customers. The Company has approximately four stores, two located in the United Kingdom, one located in Australia and one located in Spain.