Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
In July 2025, the Board authorized an increase in the Company’s stock repurchase plan from $20 million to $25 million. Such repurchases may be accomplished through a Rule 10b5-1 plan, which sets certain restrictions on the method, timing, price and volume of share repurchases. The repurchase program does not obligate the Company to acquire any specific number of shares.
In September 2025, the Company adopted a Rule 10b5-1 plan 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. This Rule 10b5-1 plan expired on November 14, 2025.
In December 2025, the Company adopted a Rule 10b5-1 plan 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-Q for the quarter ended December 31, 2025 unless extended or terminated by our Board.
The following table summarizes common stock repurchases during the three months ended December 31, 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
October 1-31, 2025
313,527
$
2.44
313,527
3,686,473
November 1-30, 2025
145,754
2.43
82,442
-
December 1-31, 2025
601,474
2.44
329,777
3,670,223
Total
1,060,755
$
2.47
725,746
(1) All shares were purchased in open market transactions.
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.