Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
In May 2025, the Company implemented a stock buyback program pursuant to Rule 10b5-1 under the Exchange Act authorizing us to repurchase up to 1,575,000 shares of our common stock in open market transactions through the close of business on the second full trading day following the filing with the SEC of the Company's Form 10-K for the fiscal year ended June 30, 2025 unless extended or terminated by our Board. No shares were repurchased under this plan in the quarter ending September 30, 2025. This stock buyback program expired on May 9, 2025.
In July 2025, the Board authorized an increase in the Company’s stock repurchase plan from $20 million to $25 million.
In September 2025, the Company implemented a stock buyback program pursuant to Rule 10b5-1 under the Exchange Act authorizing us to repurchase up to 4,000,000 shares of our common stock in open market transactions through the close of business on the second full trading day following the filing with the SEC of the Company's Form 10-K for the quarter ended September 30, 2025 unless extended or terminated by our Board. No shares were repurchased under this plan in the quarter ending September 30, 2025.
The following table summarizes common stock repurchases during the three months ended September 30, 2025:
Month
Total Number of
Shares Purchased (1)
Average Price Paid
Per Share
Total Number of
Shares Purchased
as Part of 10b5-1 Plans
Maximum Number of
Shares that May
Yet Be Purchased
Under the Plans or
Programs
July 1-31, 2025
-
$
-
-
1,575,000
August 1-31, 2025
-
$
-
-
1,575,000
September 1-30, 2025
252,364
$
2.78
-
-
Total
252,364
$
2.78
-
(1) All shares were purchased in open market transactions.
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