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Form 8-K

sec.gov

8-K — Atlanta Braves Holdings, Inc.

Accession: 0001104659-26-058287

Filed: 2026-05-11

Period: 2026-05-11

CIK: 0001958140

SIC: 7900 (SERVICES-AMUSEMENT & RECREATION SERVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — batra-20260511x8k.htm (Primary)

EX-99.1 (batra-20260511xex99d1.htm)

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8-K

8-K (Primary)

Filename: batra-20260511x8k.htm · Sequence: 1

ATLANTA BRAVES HOLDINGS, INC._May 11, 2026

0001958140false0001958140us-gaap:CommonStockMember2026-05-112026-05-110001958140batra:SeriesCCommonStockMember2026-05-112026-05-1100019581402026-05-112026-05-11

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): May 11, 2026

ATLANTA BRAVES HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Nevada

001-41746

92-1284827

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification No.)

755 Battery Avenue SE

Atlanta, Georgia 30339

(Address of principal executive offices and zip code)

Registrant's telephone number, including area code: (404) 614-2300

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

Name of each exchange on which

registered

Series A Common Stock

BATRA

The Nasdaq Stock Market LLC

Series C Common Stock

BATRK

The Nasdaq Stock Market LLC

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 2.02 Results of Operations and Financial Condition.

On May 11, 2026, Atlanta Braves Holdings, Inc. issued a press release announcing its results of operations for the first quarter ended March 31, 2026. A copy of the press release is furnished herewith as Exhibit 99.1.

This Item 2.02 and the press release attached hereto as Exhibit 99.1 are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference into any filing under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.

Description

99.1

Press Release, dated May 11, 2026.

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

\

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 11, 2026

ATLANTA BRAVES HOLDINGS, INC.

By:

/s/ Benjamin Phanco

Name: Benjamin Phanco

Title: Senior Vice President, Controller

3

EX-99.1

EX-99.1

Filename: batra-20260511xex99d1.htm · Sequence: 2

Exhibit 99.1

ATLANTA BRAVES HOLDINGS REPORTS

FIRST QUARTER 2026 FINANCIAL RESULTS

Atlanta, Georgia, May 11, 2026 – Atlanta Braves Holdings, Inc. (“ABH”) (Nasdaq: BATRA, BATRK) today reported results for its first quarter 2026 results.

Highlights include:

● Total revenue grew to $72 million in the first quarter of 2026, up 53% from the prior year period.

o Baseball revenue increased 60% from the prior year period to $46 million.

o Mixed-Use Development revenue increased 41% from the prior year period to $26 million.

● Total Adjusted OIBDA(1) improved to $(18) million in the first quarter of 2026, up 39% from the prior year period.

o Baseball Adjusted OIBDA improved 18% from the prior year period to $(32) million.

o Mixed-Use Development Adjusted OIBDA increased 37% from the prior year period to $18 million.

● Operating income (loss) improved by $3 million to $(41) million in the first quarter of 2026, up from $(44) million in the prior year period.

Discussion of Results

Three months ended

March 31,

2026

2025

% Change

amounts in thousands

Baseball revenue

$

45,746

$

28,621

60

%

Mixed-Use Development revenue

26,261

18,590

41

%

Total revenue

72,007

47,211

53

%

Operating costs and expenses:

Baseball operating costs

(56,616)

(48,763)

16

%

Mixed-Use Development costs

(4,258)

(2,408)

77

%

Selling, general and administrative, excluding stock-based compensation

(28,690)

(24,589)

17

%

Adjusted OIBDA(1)

$

(17,557)

$

(28,549)

39

%

Operating income (loss)

$

(41,251)

$

(44,452)

7

%

Regular season home games in period

5

Unless otherwise noted, the following discussion compares financial information for the three months ended March 31, 2026 to the same period in 2025.

Baseball revenue is derived from two primary sources on an annual basis: (i) baseball event revenue (ticket sales, concessions, advertising sponsorships, suites and premium seat fees) and (ii) broadcasting and other media revenue. Mixed-Use Development revenue is derived primarily from a real estate portfolio including the mixed-use facility The Battery Atlanta and primarily includes rental income.

The following table disaggregates revenue by segment and by source:

Three months ended

March 31,

2026

2025

% Change

amounts in thousands

Baseball:

Baseball event

$

23,738

$

883

2,588

%

Broadcasting

2,519

4,291

(41)

%

Retail and licensing

7,283

6,080

20

%

Other

12,206

17,367

(30)

%

Baseball revenue

45,746

28,621

60

%

Mixed-Use Development

26,261

18,590

41

%

Total revenue

$

72,007

$

47,211

53

%

There were five home games played in the first quarter of 2026 compared to zero in the prior year period.

Baseball revenue increased 60% in the first quarter compared to the prior year primarily driven by an increase in baseball event revenue due to the number of regular season home games played, as well as contractual rate increases on season tickets and existing sponsorship contracts and new premium seating and sponsorship agreements. Broadcasting and other media revenue decreased due to the timing of the commencement of the BravesVision media contracts as we transitioned away from our previous long-term local broadcasting arrangement. Other revenue decreased due to a decline in special events held at Truist Park, including hosting two games for the Savannah Bananas in the prior year period.

Mixed-Use Development revenue increased 41% for the first quarter primarily due to increases in rental income and tenant recoveries from in-place leases associated with an April 2025 acquisition of certain real estate assets adjacent to The Battery Atlanta (the “Acquisition”).

Operating loss and Adjusted OIBDA(1) improved for the first quarter compared to the prior year, as revenue growth outpaced increases in operating and selling, general, and administrative expenses. Baseball operating costs increased primarily due to increases in major league player salaries, variable costs associated with the increase in the number of regular season homes games such as concession, retail, and other stadium operating costs, and expenses associated with the production of BravesVision, partially offset by a reduction in expenses associated with special events held at Truist Park. Mixed-Use Development costs increased primarily due to operating costs associated with the assets within the Acquisition. Selling, general and administrative expenses also increased related to the marketing expenses associated with the increase in number of regular season homes games as well as due to increased property taxes, insurance, other professional fees, and personnel costs.

2

FOOTNOTES

1) For a definition of Adjusted OIBDA (as defined by ABH) and the applicable reconciliation to the most comparable Generally accepted accounting principles (“GAAP”) measure, see “Non-GAAP Financial Measures and Supplemental Disclosures,” below.

Conference Call Information: Atlanta Braves Holdings, Inc. (Nasdaq: BATRA, BATRK) will discuss ABH’s financial results on a conference call which will begin at 10:00 a.m. (E.T.) on May 11, 2026. The call can be accessed by dialing (800) 715-9871 or +1 (646) 307-1963, passcode 7251864 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast, go to https://www.bravesholdings.com/investors/news-events/ir-calendar. Links to this press release will also be available on the ABH website.

About Atlanta Braves Holdings, Inc.: Atlanta Braves Holdings, Inc. (Nasdaq: BATRA, BATRK) consists primarily of the Major League Baseball franchise the Atlanta Braves and a real estate portfolio including the mixed-use development The Battery Atlanta, which is located adjacent to the Braves stadium, Truist Park. For more information, please visit our website at https://www.bravesholdings.com/investors.

During the conference call, ABH may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. ABH’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the business, product and marketing strategies, new service offerings, future financial performance and prospects, trends and any other matters that are not historical facts. The words “will,” “believe,” “estimate,” “expect,” “anticipate,” “intend,” “plan,” “strategy,” “continue,” “seek,” “may,” “could” and similar expressions or statements regarding future periods are intended to identify forward-looking statements, although not all forward-looking statements may contain such words. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but such statements necessarily involve risks and uncertainties and there can be no assurance that the expectation or belief will result or be achieved or accomplished. Given these uncertainties, we caution you not to place undue reliance on these forward-looking statements. The risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, include, without limitation: the level of broadcasting revenue that ABH generates; the achievement of on-field success; ABH’s ability to develop, obtain and retain talented players; the regulatory and competitive environment of the industries in which ABH operates; the impact of organized labor on ABH, including any potential Major League Baseball (“MLB”) work stoppages such as strikes, protests or management lockouts; the impact of the structure or an expansion of MLB; changes in the nature of key strategic relationships with business partners, vendors and joint venturers; ABH’s ability to obtain additional financing on acceptable terms and cash in amounts sufficient to service debt and other financial obligations; ABH’s indebtedness could adversely affect operations and could limit its ability to react to changes in the economy or its industry; ABH’s ownership, management and board of directors structure; ABH’s ability to realize the benefits of acquisitions or other strategic investments; the inherent risks in the real estate business, including, but not limited to, tenant defaults, potential liability relating to environmental matters and liquidity of real estate investments; the outcome of pending or future litigation or investigations; ABH’s ability to attract and retain qualified key personnel; geopolitical incidents, accidents, terrorist acts, pandemics or epidemics, natural disasters, including the effects of climate change, or other events that cause one or more events to be cancelled or postponed, are not covered by insurance, or cause reputational damage to ABH and its affiliates; the impact of data loss or breaches or disruptions of ABH’s information systems and information system security; ABH’s processing, storage, sharing, use, disclosure and protection of personal data could give rise to liabilities; ABH’s ability to use net operating loss and disallowed business interest carryforwards to reduce future tax payments; the operation risks of ABH and its business affiliates with operations outside of the United States; ABH’s common stock and organizational structure; ABH’s stock price has and may continue to fluctuate; the impact of inflation and weak economic conditions on consumer demand for products, services and events offered by ABH; and the ability of ABH and its affiliates to comply with government

3

regulations, including, without limitation, consumer protection laws and adverse outcomes of regulatory proceedings. These forward-looking statements and such risks, uncertainties, and other factors speak only as of the date of this press release, and ABH expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in ABH’s expectations with regard thereto, or any change in events, conditions or circumstances on which any such statement is based except to the extent required by law. Please refer to the publicly filed documents of ABH, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as may be updated by subsequent filings under the Securities Exchange Act of 1934, as amended, including Forms 10-Q and 8-K, for additional information about ABH and about the risks and uncertainties related to ABH’s business which may affect the statements made in this press release.

4

NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES

SCHEDULE 1: Reconciliation of Adjusted OIBDA to Operating Income (Loss)

To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for ABH together with reconciliations to operating income, as determined under GAAP. ABH defines Adjusted OIBDA as operating income (loss) plus stock-based compensation, depreciation and amortization, separately reported litigation settlements, restructuring, acquisition and impairment charges. However, ABH’s definition of Adjusted OIBDA may differ from similarly titled measures disclosed by other companies.

ABH believes Adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because Adjusted OIBDA is used as a measure of operating performance, ABH views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that ABH management considers in assessing the results of operations and performance of its assets.

The following table provides a reconciliation of Adjusted OIBDA for ABH to operating income (loss) calculated in accordance with GAAP for the three months ended March 31, 2026 and March 31, 2025.

Three months ended

March 31,

(amounts in thousands)

​ ​ ​

2026

​ ​ ​

2025

Operating income (loss)

$

(41,251)

$

(44,452)

Stock-based compensation

6,568

2,646

Depreciation and amortization

17,126

13,257

Adjusted OIBDA

$

(17,557)

$

(28,549)

Baseball

$

(32,333)

$

(39,600)

Mixed-Use Development

17,596

12,887

Corporate and Other

(2,820)

(1,836)

5

SCHEDULE 2: Cash and Debt

The following presentation is provided to separately identify cash and debt information. ABH cash increased $35 million during the first quarter as cash from operations and proceeds from stock options exercises more than offset capital expenditures and debt service payments. ABH debt decreased $30 million in the first quarter primarily due to repayments on the TeamCo revolver.

(amounts in thousands)

​ ​ ​

March 31, 2026

​ ​ ​

December 31, 2025

ABH Cash (GAAP)(a)

$

135,197

$

99,884

Debt:

Baseball

League wide credit facility

$

$

MLB facility fund - term

30,000

30,000

MLB facility fund - revolver

36,225

36,800

TeamCo revolver

10,000

35,000

Term debt

148,488

151,992

Mixed-Use Development

486,689

487,299

Total ABH Debt

$

711,402

$

741,091

Deferred financing costs

(2,225)

(2,460)

Total ABH Debt (GAAP)

$

709,177

$

738,631

a) Excludes restricted cash held in reserves pursuant to the terms of various financial obligations of $34 million and $12 million as of March 31, 2026 and December 31, 2025, respectively.

6

ATLANTA BRAVES HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

March 31,

December 31,

2026

2025

amounts in thousands

Assets

Current assets:

Cash and cash equivalents

$

135,197

99,884

Restricted cash

33,661

11,694

Accounts receivable and contract assets, net of allowances for credit losses of $343 at both March 31, 2026 and December 31, 2025

29,909

33,566

Other current assets

25,870

13,563

Total current assets

224,637

158,707

Property and equipment, at cost

1,280,653

1,266,030

Accumulated depreciation

(406,771)

(397,142)

873,882

868,888

Investments in affiliates, accounted for using the equity method

116,299

116,819

Intangible assets not subject to amortization:

Goodwill

175,764

175,764

Franchise rights

123,703

123,703

299,467

299,467

Prepaid pension asset

524

Other assets, net

172,447

171,076

Total assets

$

1,687,256

1,614,957

7

ATLANTA BRAVES HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS (continued)

(unaudited)

March 31,

December 31,

2026

2025

amounts in thousands

except share amounts

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities

$

85,716

43,473

Deferred revenue and refundable tickets

181,396

109,829

Current portion of debt

215,745

215,347

Other current liabilities

8,023

8,394

Total current liabilities

490,880

377,043

Long-term debt

493,432

523,284

Finance lease liabilities

99,855

98,566

Deferred income tax liabilities

30,844

41,282

Pension liability

1,758

Other noncurrent liabilities

41,093

34,842

Total liabilities

1,156,104

1,076,775

Equity:

Preferred stock, $.01 par value. Authorized 50,000,000 shares; zero shares issued at March 31, 2026 and December 31, 2025

Series A common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,318,187 at both March 31, 2026 and December 31, 2025

103

103

Series B common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 977,751 at both March 31, 2026 and December 31, 2025

10

10

Series C common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 52,845,420 and 51,828,348 at March 31, 2026 and December 31, 2025, respectively

524

514

Additional paid-in capital

1,170,556

1,137,178

Accumulated other comprehensive earnings (loss), net of taxes

(2,735)

(2,743)

Retained earnings (deficit)

(649,494)

(609,012)

Total shareholders' equity

518,964

526,050

Noncontrolling interests in equity of subsidiaries

12,188

12,132

Total equity

531,152

538,182

Commitments and contingencies

Total liabilities and equity

$

1,687,256

1,614,957

8

ATLANTA BRAVES HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

Three months ended

March 31,

​ ​ ​

2026

​ ​ ​

2025

amounts in thousands,

except per share amounts

Revenue:

Baseball revenue

$

45,746

28,621

Mixed-Use Development revenue

26,261

18,590

Total revenue

72,007

47,211

Operating costs and expenses:

Baseball operating costs

56,616

48,763

Mixed-Use Development costs

4,258

2,408

Selling, general and administrative, including stock-based compensation

35,258

27,235

Depreciation and amortization

17,126

13,257

113,258

91,663

Operating income (loss)

(41,251)

(44,452)

Other income (expense):

Interest expense

(11,170)

(10,344)

Share of earnings (losses) of affiliates, net

(320)

322

Realized and unrealized gains (losses) on financial instruments, net

927

(637)

Other, net

1,194

1,213

Earnings (loss) before income taxes

(50,620)

(53,898)

Income tax benefit (expense)

10,194

12,507

Net earnings (loss)

(40,426)

(41,391)

Less net earnings (loss) attributable to noncontrolling interests

56

Net earnings (loss) attributable to Atlanta Braves Holdings' shareholders

$

(40,482)

(41,391)

Basic net earnings (loss) attributable to Atlanta Braves Holdings' shareholders per common share

$

(0.63)

(0.66)

Diluted net earnings (loss) attributable to Atlanta Braves Holdings' shareholders per common share

$

(0.63)

(0.66)

9

ATLANTA BRAVES HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

Three months ended

March 31,

2026

2025

amounts in thousands

Cash flows from operating activities:

Net earnings (loss)

$

(40,426)

(41,391)

Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:

Depreciation and amortization

17,126

13,257

Stock-based compensation

6,568

2,646

Share of (earnings) losses of affiliates, net

320

(322)

Realized and unrealized (gains) losses on financial instruments, net

(927)

637

Deferred income tax expense (benefit)

(10,438)

(12,582)

Cash receipts from returns on equity method investments

200

200

Net cash received (paid) for interest rate swaps

(6)

891

Other charges (credits), net

479

1,955

Net change in operating assets and liabilities:

Current and other assets

(13,034)

6,717

Payables and other liabilities

102,619

123,762

Net cash provided by (used in) operating activities

62,481

95,770

Cash flows from investing activities:

Capital expended for property and equipment

(8,630)

(19,516)

Other investing activities, net

5

(2,001)

Net cash provided by (used in) investing activities

(8,625)

(21,517)

Cash flows from financing activities:

Borrowings of debt

85,502

Repayments of debt

(29,688)

(4,536)

Proceeds (disbursements) from exercise of stock options and other stock issuances

26,820

679

Other financing activities, net

6,292

(1,506)

Net cash provided by (used in) financing activities

3,424

80,139

Net increase (decrease) in cash, cash equivalents and restricted cash

57,280

154,392

Cash, cash equivalents and restricted cash at beginning of period

111,578

112,599

Cash, cash equivalents and restricted cash at end of period

$

168,858

266,991

Contact:

Cameron Rudd – Investor Relations

(404) 614-2300 or investorrelations@braves.com

10

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Name of the state or province.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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-Name Exchange Act

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Indicate if registrant meets the emerging growth company criteria.

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

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Two-character EDGAR code representing the state or country of incorporation.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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-Number 240

-Section 12

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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-Publisher SEC

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Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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-Number 240

-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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-Number 230

-Section 425

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