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 was initially authorized to repurchase up to $15.0 million of its common stock through open market and privately negotiated transactions. The stock repurchase program was amended on November 15, 2023 to increase the amount authorized under the program from $15.0 million to $25.0 million. The Company completed the stock repurchase program in the first quarter of fiscal 2024.
Stock repurchase activity during the three months ended May 4, 2024 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)
February 4, 2024 to March 2, 2024
52,802
$
3.97
52,802
$
250,006
March 3, 2024 to April 6, 2024
—
$
—
—
$
250,006
April 7, 2024 to May 4, 2024
—
$
—
—
$
250,006
Total
52,802
$
3.97
52,802
$
250,006
(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.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
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