Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
On March 14, 2023, the Company’s Board of Directors approved a stock repurchase program pursuant to which the Company may repurchase up to $15.0 million of its common stock through open market and privately negotiated transactions. The timing and the amount of any repurchases will be determined based on the Company’s evaluation of market conditions and other factors. The stock repurchase program will expire in March 2024 and may be suspended, terminated or modified at any time for any reason.
Stock repurchase activity during the three months ended July 29, 2023 was as follows:
Period
(a)
Total number of shares purchased
(b)
Average price paid per share (1)
(c)
Total number of shares purchased as part of publicly announced plan
(d)
Approximate dollar value of shares that may yet be purchased under the plan (1)
April 30, 2023 to May 27, 2023
—
$
—
—
$
15,000,000
May 28, 2023 to July 1, 2023
1,595,897
$
4.70
1,595,897
$
7,500,001
July 2, 2023 to July 29, 2023
653,253
$
5.07
653,253
$
4,185,921
Total
2,249,150
$
4.81
2,249,150
$
4,185,921
(1) Average price paid per share and the approximate dollar value of shares that may yet be purchased under the plan excludes the accrual of excise tax of $0.1 million as of July 29, 2023.
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.