Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities
and Use of Proceeds
On May 24, 2022, the Board approved a share repurchase
program to purchase up to $40 million of the Company’s common stock (the “Program”). The Program does not obligate the
Company to acquire any specific number of shares and will expire on November 24, 2023, and the Program may be suspended, extended, modified
or discontinued at any time. Under the Program, repurchases can be made using a variety of methods, which may include open market purchases,
block trades, privately negotiated transactions and/or a non-discretionary trading plan, all in compliance with the rules of the SEC and
other applicable legal requirements. The timing, manner, price and amount of any common stock repurchases under the Program are determined
by the Company in its discretion and depend on a variety of factors, including legal requirements, price and economic and market conditions.
As of June 30, 2022, $39.5 million remained available for share repurchases pursuant to the Program.
The following table shows the share repurchase
activity for the three months ended June 30, 2022:
Month
Total
Number of
Shares
Purchased
Average
Price Paid
per Share
Total
Number of
Shares
Purchased
as Part of
Publicly
Announced
Plans or
Programs
Approximate
Dollar
Value
of Shares
That May
Yet Be
Purchased
Under
the Plans or
Programs
April 1 through 30, 2022
-
$
-
-
$
40,000,000
May 1 through 31, 2022
30,000
$
6.96
30,000
$
39,791,200
June 1 through 30, 2022
40,000
$ 7.23
40,000
$ 39,502,000
Total
70,000
$ 7.10
70,000
$ 39,502,000
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.