Item 2. Unregistered Sales of Equity Securities
Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Our board of directors has adopted a share repurchase plan authorizing the Company to repurchase Class A ordinary shares. From time to time, the repurchase plan has been re-approved or modified at the election of our Board of Directors. The previous plan expired on June 30, 2022. On April 26, 2022, the Board of Directors re-approved the share repurchase plan effective from July 1, 2022, until June 30, 2023, authorizing the Company to repurchase up to $25.0 million of Class A ordinary shares or securities convertible into Class A ordinary shares in the open market, through privately negotiated transactions or Rule 10b5-1 stock trading plans.
The Company is not required to repurchase any Class A ordinary shares and the repurchase plan may be modified, suspended or terminated at any time without prior notice.
The table below details the share repurchases that were made under the plan during the three months ended September 30, 2022:
Issuer Purchases of Equity Securities
Period Total Number of Shares Purchased (1) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(1) Maximum Value of Shares that May Yet Be Purchased Under the Plans or Programs (1)
July 1 - 31, 2022 4,026 $ 7.00 4,026 $ 24,971,818
August 1 - 31, 2022 — $ — — $ 24,971,818
September 1 - 30, 2022 907 $ 7.23 907 $ 24,965,260
Total 4,933 $ 7.04 4,933 $ 24,930,532
(1) Class A ordinary shares.
Item 3. DEFAULTS UPON SENIOR SECURITIES
None.
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Item 4. MINE SAFETY DISCLOSURES
Not applicable
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.