Item 2. Unregistered Sales of Equity Securities
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
The following table contains information about purchases of our common stock, excluding excise tax, during the second quarter of 2024:
Total number of shares of common stock purchased (1)
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) (1)
April 1, 2024—April 30, 2024 — $ — — $ 234,592
May 1, 2024—May 31, 2024 — $ — — $ 234,592
June 1, 2024—June 30, 2024 552,081 $ 9.05 552,081 $ 229,594
Total 552,081
(1) In April 2022, our Board of Directors approved and announced a new stock repurchase program authorizing the repurchase of up to $450 million of the Company’s outstanding common stock over the next four years. This program is expected to be funded using cash on hand and cash generated from operations. We primarily expect to conduct the repurchase program through negotiated transactions with an equity sponsor, as well as through open market repurchases or other means, including through Rule 10b-18 trading plans or through the use of other techniques such as accelerated share repurchases. The actual timing, number and nature of shares repurchased will depend on a variety of factors, including stock, price, trading volume,
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and general business and market conditions. 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.
During the three months ended June 30, 2024, the Company repurchased 552,081 of its common stock on the open market pursuant to the stock repurchase program, for a total cost of $5.0 million. As of June 30, 2024, $229.6 million was available for share repurchases under the program.
(2) Excludes brokerage commissions and other costs of execution.
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.