FLXS · Flexsteel Industries, Inc.

Flexsteel Industries executed a significant stock repurchase of 1,279,870 shares, representing 24% of its outstanding common stock, from director F. Brooks Bertsch and related family entities at $47 per share—a 2.5% discount to the April 24, 2026 closing price—for a total of approximately $60.2 million. This privately negotiated transaction, closing on April 28, 2026, was funded by cash on hand and borrowings under the company's revolving credit facility, positioning it as supplemental to the existing repurchase program without affecting authorized amounts. Governance safeguards included formation of a Special Committee of independent directors, which obtained a fairness opinion from KeyBanc Capital Markets and recommended approval; the full Board concurred with Bertsch recused. The sellers cited portfolio diversification for financial planning as motivation, acknowledging potential nonpublic information and waiving related claims. Bertsch's immediate resignation from the Board upon closing, confirmed free of operational disputes, reduces insider ownership substantially while management, via CEO Derek Schmidt, emphasized alignment with capital allocation for long-term shareholder value and balance sheet strength. The press release highlights Flexsteel's resilient model and growth initiatives post-transaction.