Form 8-K - Current report

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U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

 

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FORM 8-K

 

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CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 1, 2024

 

TAITRON COMPONENTS INCORPORATED

(Exact name of registrant as specified in its charter)

 

California (State or other jurisdiction of incorporation)

0-25844 (Commission File Number)

95-4249240 (I.R.S. Employer Identification No.)

 

28040 WEST HARRISON PARKWAY, VALENCIA, California 91355

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: [phone]

 

NONE

(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:

☐ 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
Class A common stock	TAIT	NASDAQ Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

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. ☐

 

 

 

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ITEM  7.01  Regulation FD Disclosure

 

On November 1, 2024, the Company’s Board of Directors authorized a quarterly cash dividend in the amount of $0.05 per share of Class A and Class B issued and outstanding common stock. The dividend will be paid on November 27, 2024 to stockholders of record as of November 15, 2024. A copy of the press release is furnished herewith as Exhibit 99.1. Under our current dividend policy, the Company will target a cash dividend to our stockholders in the amount of $0.20 per share per annum, payable in equal $0.05 per share quarterly installments. Subsequent dividend declarations and the establishment of record and payment dates for such future dividend payments, if any, are subject to the Board of Directors' continuing determination that the dividend policy is in the best interests of the Company's stockholders. The dividend policy may be suspended or cancelled at the discretion of the Board of Directors at any time.

 

Safe Harbor Statement

 

Statements contained in the exhibit to this report that state the Company’s or its management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. It is important to note that the Company’s actual results could differ materially from those projected in such forward-looking statements. Factors that could affect those results include those mentioned in the documents that the Company has filed with the Securities and Exchange Commission.

 

ITEM 9.01  Financial Statements and Exhibits

 

(d)         Exhibits

 

Exhibit No.	Exhibit Description
99.1	Press release dated November 1, 2024 announcing the Company declared a quarterly cash dividend.
104	Cover Page Interactive Data File (formatted as Inline XBRL)

 

 

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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.

 

	TAITRON COMPONENTS INCORPORATED
Dated: November 1, 2024	By:	/s/ David Vanderhorst
		David Vanderhorst
		Chief Financial Officer

 

 

 

 

Exhibit 99.1

 

28040 W. Harrison Pkwy, Valencia, CA 91355 Tel: [phone] Fax: [phone] www.taitroncomponents.com

 

FOR IMMEDIATE RELEASE

 

 

 

TAITRON ANNOUNCES QUARTERLY CASH DIVIDEND

 

LOS ANGELES, California – November 1, 2024 – Taitron Components Incorporated (NASDAQ:TAIT) today announced that its Board of Directors has declared a quarterly cash dividend of $0.05 per share of common stock, payable on November 27, 2024 to stockholders of record as of the close of business on November 15, 2024. Under our current dividend policy, the Company will target a cash dividend to our stockholders in the amount of $0.20 per share per annum, payable in equal $0.05 per share quarterly installments.

 

Subsequent dividend declarations and the establishment of record and payment dates for such future dividend payments, if any, are subject to the Board of Directors' continuing determination that the dividend policy is in the best interests of the Company's stockholders. The dividend policy may be suspended or cancelled at the discretion of the Board of Directors at any time.

 

About Taitron Components

 

Taitron, based in Valencia, California, is the “Discrete Components Superstore”. The Company distributes a wide variety of transistors, diodes and other discrete semiconductors, optoelectronic devices and passive components to electronic distributors, contract electronic manufacturers (CEMs) and original equipment manufacturers (OEMs), who incorporate them into their products. In addition, Taitron provides value-added engineering and turn-key services for our existing OEM and CEM customers and providing them with original design and manufacturing services for their multi-year turn-key projects.

 

CONTACTS:

 

Taitron Components Incorporated

 

David Vanderhorst – ph 661-257-6060

 

Document And Entity Information	Nov. 01, 2024
Document Information Line Items
Entity Registrant Name	TAITRON COMPONENTS INCORPORATED
Trading Symbol	TAIT
Document Type	8-K
Amendment Flag	false
Entity Central Index Key	0000942126
Document Period End Date	Nov. 01, 2024
Entity Emerging Growth Company	false
Entity Incorporation, State or Country Code	CA
Entity File Number	0-25844
Entity Tax Identification Number	95-4249240
Entity Address, Address Line One	28040 WEST HARRISON PARKWAY
Entity Address, City or Town	VALENCIA
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91355
City Area Code	(661)
Local Phone Number	257-6060
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A common stock
Security Exchange Name	NASDAQ

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