Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Share Repurchases
On January 31, 2024, the Company's Board of Directors authorized the Repurchase Program, pursuant to which the Company may purchase up to $36,000,000 in shares of Common Stock during a six-month period ending July 30, 2024. The Repurchase Program does not oblige the Company to repurchase a specific number of shares.
Under the terms of the Repurchase Program, the Company may purchase shares of Common Stock on a discretionary basis from time to time through open market repurchases or privately negotiated transactions or through other means, including by entering into Rule 10b5-1 trading plans or accelerated share repurchase programs, in each case, during an “open window” and when the Company does not possess material non-public information.
The timing, manner, price and amount of shares repurchased under the Repurchase Program will depend on a variety of factors, including stock price, trading volume, market conditions, corporate and regulatory requirements and other general business considerations. The Repurchase Program may be modified, suspended or discontinued at any time without prior notice.
Repurchases under the Repurchase Program may be funded from the Company’s existing cash and cash equivalents, future cash flow or proceeds of borrowings or debt offerings. As of March 31, 2024, $31.1 million remained available for share repurchases pursuant to the Repurchase Program.
Information regarding shares of Common Stock repurchased during the three months ended March 31, 2024 is as follows:
Month Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans
January 1 through 31, 2024 — $ — — $ 36,000,000
February 1 through 29, 2024 — $ — — $ 36,000,000
March 1 through 31, 2024 1,255,614 $ 3.86 1,255,614 $ 31,147,554
Total 1,255,614 $ 3.86 1,255,614 $ 31,147,554
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Table of Contents
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
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