Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Share Repurchases
On January 30, 2024, the Board of Directors authorized the Repurchase Program, pursuant to which the Company could purchase up to $36,000,000 in shares of Common Stock during a six-month period that ended July 30, 2024. The Repurchase Program did not oblige the Company to repurchase a specific number of shares.
As of June 30, 2024 and at the program’s expiration on July 30, 2024, $26.3 million remained available for share repurchases pursuant to the Repurchase Program.
Information regarding shares of Common Stock repurchased during the three months ended June 30, 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
April 1 through 30, 2024 1,395,957 $ 3.49 1,395,957 $ 26,271,021
May 1 through 31, 2024 — $ — — $ 26,271,021
June 1 through 30, 2024 — $ — — $ 26,271,021
Total 1,395,957 $ 3.49 1,395,957 $ 26,271,021
On August 5, 2024, the Board authorized the New Repurchase Program, pursuant to which the Company may purchase up to $26,000,000 in shares of Common Stock, which was the approximate amount remaining under the prior program at its expiration. The New Repurchase Program expires on December 31, 2024 and may be suspended, extended, modified or discontinued at any time without prior notice.
Under the terms of the New 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.
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The timing, manner, price and amount of shares repurchased under the New 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 New Repurchase Program does not oblige the Company to repurchase a specific number of shares.
Repurchases under the New Repurchase Program may be funded from the Company’s existing cash and cash equivalents, future cash flow or proceeds of borrowings or debt offerings .
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.