UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
−Removed: The following table contains information about purchases of our common stock during the second quarter of 2022:
−Removed: Total Number of Shares of Common Stock Purchased Average Price Paid per Share of Common Stock (2)
+Added: The following table contains information about purchases of our common stock during the third quarter of 2022:
+Added: Total Number of Shares of Common Stock Purchased (1)
+Added: Average Price Paid per Share of Common Stock (2)
Total Number of Shares of Common Stock Purchased as Part of Publicly Announced Plan or Programs Maximum Number (or Dollar Value) of Shares of Common Stock that May Yet Be Purchased Under the Plans or Programs (in thousands)
−Removed: April 1, 2022 - April 30, 2022 — $ — — $ 450,000
−Removed: May 1, 2022 - May 31, 2022 — $ — — $ 450,000
−Removed: June 1, 2022 - June 30, 2022 893,123 (1) $ 9.88 893,123 $ 441,158
+Added: July 1, 2022—July 31, 2022 1,077,640 $ 9.77 1,077,640 $ 430,644
+Added: August 1, 2022—August 31, 2022 6,500,000 $ 8.36 6,500,000 $ 376,328
+Added: September 1, 2022—September 30, 2022 — $ — — $ 376,328
Total 7,577,640
4 unchanged sentences
The repurchase program does not obligate us to acquire any number of shares in any specific period or at all and may be amended, suspended or discontinued at any time at our discretion.
−Removed: During the three months ended June 30, 2022, the Company repurchased 893,123 shares on the open market at an average price of $9.88 per share, for a total of $8.8 million.
−Removed: As of June 30, 2022, $441.2 million was available for additional share repurchases under the program.
−Removed: In July 2022, the Company repurchased 1,077,640 shares on the open market at an average price of $9.77, for a total of $10.6 million as part of the approved stock repurchase program, which reduced availability for additional share repurchases under the program to $430.6 million.
+Added: On August 16, 2022, the Inflation Reduction Act of 2022, or IRA, was signed into law.
+Added: Among other things, the IRA imposes a 15% corporate alternative minimum tax for certain large corporations with average annual adjusted financial statement income in excess of $1 billion for tax years beginning after December 31, 2022, levies a 1% excise tax on net stock repurchases after December 31, 2022, and provides tax incentives to promote clean energy.
+Added: Historically, during the year we have made discretionary share repurchases.
+Added: Beginning in 2023, these purchases would be subject to the excise tax.
+Added: Based on the historical net repurchase activity the excise tax and the other provisions of the IRA are not expected to have a material impact on our results of operations or financial position.
+Added: However, we are still in the process of analyzing the provisions of the IRA.
+Added: During the three months ended September 30, 2022, the Company repurchased 1,077,640 shares of its common stock on the open market at an average price of $9.77 per share, for a total of $10.5 million.
+Added: Additionally, in connection with a secondary offering of the Company’s common stock in August 2022, the Company repurchased 6,500,000 shares of its common stock sold in the offering from the underwriters at a price of $8.36 per share simultaneous with the closing of the offering, for a total of $54.3 million.
+Added: As of September 30, 2022, $376.3 million was available for additional share repurchases under the program.
+Added: There were no repurchases during September 2022.
(2) Excludes brokerage commissions and other costs of execution.
11 unchanged sentences
101 The following materials from the Quarterly Report on Form 10-Q of Ecovyst Inc.
−Removed: for the quarter ended June 30, 2022, formatted in Inline XBRL:
+Added: for the quarter ended September 30, 2022, formatted in Inline XBRL:
(i) Condensed Consolidated Statements of Income, (ii) Condensed Consolidated Statements of Comprehensive Income, (iii) Condensed Consolidated Balance Sheets, (iv) Condensed Consolidated Statements of Stockholders’ Equity, (v) Condensed Consolidated Statements of Cash Flows, (vi) Notes to Condensed Consolidated Financial Statements and (vii) document and entity information, tagged as blocks of text and including detailed tags
104 The cover page from the Quarterly Report on Form 10-Q of Ecovyst Inc.
−Removed: for the quarter ended June 30, 2022, formatted in Inline XBRL and included as Exhibit 101
+Added: for the quarter ended September 30, 2022, formatted in Inline XBRL and included as Exhibit 101
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
−Removed: August 1, 2022 By:
+Added: November 4, 2022 By:
/s/ MICHAEL FEEHAN
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.