Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Repurchases of Equity Securities
Our Board approved a stock repurchase program that permits the Company to repurchase our common stock. Management has discretion in determining the conditions under which shares may be purchased from time to time. The following table summarizes the stock repurchase plans approved by the Board:
May 2019 to May 2020 May 2020 to May 2021 (1)
Feb 2021 to Jun 2022 (2)
Approval Date April 2019 May 2020 February 2021
Authorized Repurchase Amount of Common Stock $7 million $5 million $20 million
(1) During the first quarter of 2021, the Company completed its purchases under the plan, which consisted of 2.2 million shares for $5.0 million, effectively ending the plan prior to its original expiration date.
(2) During the second quarter of 2021, the Company amended its $8 million stock repurchase program approved in February 2021 and allowed for the purchase of an additional $12.0 million of our common stock through June 2022, bringing total authorized purchases under the plan to $20.0 million.
During the quarter ended September 30, 2021, purchases of the Company's common stock pursuant to the Stock Repurchase Plan were as follows:
Period (a) Total Number of Shares Purchased (1)
(b) Average Price Paid per Share (2)
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
July 1 through July 31, 2021 1,087,080 $ 3.46 1,087,080 $ 14,044,460
August 1 through August 31, 2021 393,387 $ 3.89 393,387 $ 12,514,950
September 1 through September 30, 2021 343,118 $ 4.38 343,118 $ 11,012,757
Total 1,823,585 $ 3.72 1,823,585
(1) No shares of our common stock were purchased other than through a publicly announced plan or program.
(2) Average price paid per share includes costs associated with the repurchases.
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