UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 17, 2021
GrandSouth Bancorporation
(Exact name of registrant as specified in its charter)
South Carolina
(State or other jurisdiction of incorporation)
| 000-31937 | 57-1104394 |
| (Commission File Number) | (IRS Employer Identification No.) |
| 381 Halton Road, Greenville, South Carolina | 29607 |
| (Address of principal executive offices) | (Zip Code) |
(864) 770-1000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| None | None | None |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 8.01 | Other Events. |
The Board of Directors of GrandSouth Bancorporation (the “Company”), has authorized the repurchase of up to 75,000 of the Company’s outstanding shares of Series A preferred stock (the “Repurchase Plan”) through privately-negotiated transactions. The Repurchase Plan when aggregated with the prior announcement to repurchase up to $4.0 million of shares of the Company’s common stock represents approximately 6.2% of the Company’s consolidated net worth as of June 30, 2021. Purchases may be made pursuant to the Repurchase Plan at prices that management considers to be attractive and in the best interest of the Company and its shareholders, beginning August 18, 2021 through December 31, 2021, when the Repurchase Plan expires. The Company expects to finance any repurchases from cash on hand. The Repurchase Plan does not obligate the Company to acquire any specific number of shares in any period, and may be modified, extended or discontinued at any time.
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.
| GRANDSOUTH BANCORPORATION | ||||
| Dated: August 17, 2021 | By: | /s/ John B. Garrett | ||
| Name: | John B. Garrett | |||
| Title: | Chief Financial Officer | |||