# EDGAR Filing Document

**Accession Number:** 0000086115
**File Stem:** 0001437749-23-000766
**Filing Date:** 2023-1
**Character Count:** 12155
**Document Hash:** 3dca97f933f7e30867130f438667b7e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-23-000766.hdr.sgml**: 20230110

**ACCESSION NUMBER**: 0001437749-23-000766

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230110

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230110

**DATE AS OF CHANGE**: 20230110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SAFEGUARD SCIENTIFICS INC
- **CENTRAL INDEX KEY:** 0000086115
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTORS, NEC [6799]
- **IRS NUMBER:** 231609753
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-05620
- **FILM NUMBER:** 23519698

**BUSINESS ADDRESS:**
- **STREET 1:** 150 NORTH RADNOR-CHESTER ROAD
- **STREET 2:** SUITE F-200
- **CITY:** RADNOR
- **STATE:** PA
- **ZIP:** 19087
- **BUSINESS PHONE:** 610 293 0600

**MAIL ADDRESS:**
- **STREET 1:** 150 NORTH RADNOR-CHESTER ROAD
- **STREET 2:** SUITE F-200
- **CITY:** RADNOR
- **STATE:** PA
- **ZIP:** 19087

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SAFEGUARD INDUSTRIES INC
- **DATE OF NAME CHANGE:** 19810525

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SAFEGUARD CORP
- **DATE OF NAME CHANGE:** 19690521

sfe20230109_8k.htm

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**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 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): **January 10, 2023**

**Safeguard Scientifics, Inc.**

(Exact Name of registrant as Specified in Charter)

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| | | |
|:---|:---|:---|
| **Pennsylvania** | **1-5620** | **23-1609753** |
| (State or other Jurisdiction of Incorporation) | (Commission File Number) | &nbsp;&nbsp;&nbsp;&nbsp; (IRS Employer ID No.) |

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| | |
|:---|:---|
| **150 N. Radnor Chester Rd., STE F-200**<br> **Radnor, **PA** | **19087** |
| (Address of Principal Executive Offices) | (Zip Code) |

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Registrant's telephone number, including area code: **610-**293-0600**

**Not applicable**

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(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:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock ($.10 par value) | SFE | The NASDAQ Stock Market LLC |

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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. ☐

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**ITEM 8.01. Other Events**

On January 10, 2023, Safeguard Scientifics, Inc. ("Safeguard") issued a press release announcing that Safeguard completed the $3 million share repurchase program that it announced in March 2022. Safeguard also provided in the press release the amount of Safeguard's cash, cash equivalents, restricted cash and marketable securities as of December 31, 2022 as well as the total amount of Safeguard's deployments for the year ended December 31, 2022. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by this reference.

**ITEM 9.01. Financial Statements and Exhibits.**

(d) <u>Exhibits</u>.

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| | |
|:---|:---|
| 10.1 | [Press Release of Safeguard Scientifics, Inc. dated January 10, 2023](ex_462528.htm) |
| 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.

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| | |
|:---|:---|
|  | **Safeguard Scientifics, Inc.** |
| Date: January 10, 2023 | <u>/s/ G. Matthew Barnard</u> |
|  | Name: G. Matthew Barnard |
|  | Title: General Counsel |

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## Exhibit 10.1

**Exhibit 10.1**

![a01.jpg](a01.jpg)

**SAFEGUARD SCIENTIFICS ANNOUNCES COMPLETION OF** 

**SHARE REPURCHASE PROGRAM**

**Radnor, PA, January 10, 2023** — <u>Safeguard Scientifics, Inc.</u> (NASDAQ:SFE) ("Safeguard" or the "Company") today announced the completion of the $3 million share repurchase program announced in March 2022.

As a result of this plan, the Company repurchased an aggregate of 736,577 shares for an average price of $4.09 per share. During the year ended December 31, 2022, the Company repurchased 711,481 shares for an average price of $4.13 per share utilizing $2.9 million of the authorization. The remainder of the shares were repurchased in January 2023.

The Plan was operated in accordance with the requirements of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. These repurchases used existing funds and were made in open market or privately negotiated transactions.

Additionally, the Company ended December 31, 2022 with $19.3 million of cash, cash equivalents, restricted cash and marketable securities. Safeguard's deployments for the year ended December 31, 2022 totaled $5.7 million, as compared to the full year 2022 deployments estimate of $5 million to $9 million previously disclosed.

**About Safeguard Scientifics** 

Historically, Safeguard Scientifics has provided capital and relevant expertise to fuel the growth of technology-driven businesses. Safeguard has a distinguished track record of fostering innovation and building market leaders that spans more than six decades. Safeguard is currently pursuing a focused strategy to value-maximize and monetize its ownership interests over a multi-year time frame to drive shareholder value. For more information, please visit <u>www.safeguard.com</u>.

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| **www.safeguard.com** |© 2022 Safeguard Scientifics, Inc. All rights reserved.  | **1 of 2** |

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![a01.jpg](a01.jpg)

**Forward-Looking Statements**

*Except for the historical information and discussions contained herein, statements contained in this release may constitute* "*forward-looking statements*" *within the meaning of the federal securities laws. Our forward-looking statements are subject to risks and uncertainties. Forward-looking statements include, but are not limited to, statements regarding Safeguard*'*s ability to maximize the value of monetization opportunities of its ownership interests and drive total shareholder returns, Safeguard*'*s initiatives, including, without limitation, taken or contemplated to enhance and unlock value for all of its shareholders, Safeguard*'*s efforts to execute on and implement its strategy to streamline its organizational structure, reduce its operating costs, pursue monetization opportunities for ownership interests and maximize the return of value to its shareholders, Safeguard*'*s ability to create, unlock, enhance and maximize shareholder value, the effect of Safeguard*'*s management succession plan on driving increased organizational effectiveness and efficiencies, the ability of the management team to execute Safeguard*'*s strategy, the availability of, the timing of, and the proceeds that may ultimately be derived from the monetization of ownership interests, Safeguard*'*s projections regarding the reduction in its ongoing operating expenses, Safeguard*'*s projections regarding annualized operating expenses and expected severance expenses, monetization opportunities for ownership interests, and the amount of net proceeds from the monetization of ownership interests that will enable the return of value to Safeguard shareholders after satisfying working capital needs and the timing of such return of value. Such forward-looking statements are not guarantees of future operational or financial performance and are based on current expectations that involve a number of uncertainties, risks and assumptions that are difficult to predict. Therefore, actual outcomes and/or results may differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that could cause actual results to differ materially include, among others, our ability to make good decisions about the monetization of our ownership interests for maximum value or at all and the return of value to our shareholders, our ability to successfully execute on our strategy to streamline our organizational structure and align our cost structure to increase shareholder value, whether our strategy will better position us to focus our resources on the highest-return opportunities and deliver enhanced shareholder value, the ongoing support of our existing ownership interests, the fact that our companies may vary from period to period, challenges to achieving liquidity from our ownership interests, fluctuations in the market prices of our publicly traded holdings, if any, competition, our inability to obtain maximum value for our ownership interests, our ability to attract and retain qualified employees, market valuations in sectors in which our ownership interests operate, our inability to control our ownership interests, our need to manage our assets to avoid registration under the Investment Company Act of 1940, risks, disruption, costs and uncertainty caused by or related to the actions of activist shareholders, including that if individuals are elected to our Board with a specific agenda, it may adversely affect our ability to effectively implement our business strategy and create value for our shareholders and perceived uncertainties as to our future direction as a result of potential changes to the composition of our Board may lead to the perception of a change in the direction of our business, instability or a lack of continuity that may adversely affect our business, and risks associated with our ownership interests, including the fact that most of our ownership interests have a limited operating history and a history of operating losses, face intense competition and may never be profitable, the effect of economic conditions in the business sectors in which our companies operate, and other uncertainties described in our filings with the Securities and Exchange Commission. Many of these factors are beyond our ability to predict or control. As a result of these and other factors, the Company*'*s past operational and financial performance should not be relied on as an indication of future performance. Further information on the above risk factors and other potential factors that could affect our future business, operating results and financial condition is included in our Annual Report on Form 10-K for the year ended December 31, 2021 and other periodic filings with the Securities and Exchange Commission, including risks under the heading* "*Risk Factors.*" *The Company does not assume any obligation to update any forward-looking statements or other information contained in this press release.*

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**SAFEGUARD CONTACT:** 

Mark Herndon

Chief Financial Officer

(610) 975-4913

mherndon@safeguard.com

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| **www.safeguard.com** |© 2022 Safeguard Scientifics, Inc. All rights reserved.  | **2 of 2** |

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