Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table illustrates the activities of equity security repurchases during the three months ended at March 31, 2026.
Total Number of Shares Purchased (a) Average Price Paid per Share(b) Total Number of Shares Purchased As Part of Publicly Announced Plans or Programs (a) Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs (a)
1/1/2026 to 1/31/2026 — $ — — $57.4 Million
2/1/2026 to 2/28/2026 348,835 $ 7.15 348,835 $54.9 Million
3/1/2026 to 3/31/2026 5,465,649 6.84 5,465,649 $17.4 Million
Total 5,814,484 $ 6.86 5,814,484 $17.4 Million
__________________________________
a. On April 11, 2025, our Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $100 million of its common stock. Under this program, the Company may repurchase shares from time to time, depending on market conditions and alternate uses of capital. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions and alternate uses of capital. The share repurchase program may be effected through Rule 10b5-1 plans, open market purchases, each in compliance with Rule 10b-18 under the Exchange Act, or privately negotiated transactions. The program may be suspended or discontinued at any time and does not have an expiration date. During the three months ended March 31, 2026, the Company repurchased 5,814,484 shares of its common stock at an average price of $6.86 per share, as part of the stock repurchase program authorized on April 11, 2025.
b. The Company’s net share repurchases are subject to a 1% excise tax under the Inflation Reduction Act. This excise tax is included in the cost of shares repurchased, as reflected in the condensed consolidated statement of stockholders’ equity. The repurchases above do not include the excise tax.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.