HighPeak Energy, Inc. 10-Q

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS Issuer Purchases of Equity Securities Our common stock repurchase activity for the three months ended September 30, 2025 was as follows: Period Total Number of Shares Purchased (1) Average Price Paid Per Share (2) Total Number of Shares Purchased as Part of Publicly Announced Plan Approximate Dollar Value of Shares that May Yet to Be Purchased Under the Plan (3)(4) ($ in thousands, except per share amounts and shares) July 1, 2025 - July 31, 2025 — $ — — $ 39,907 August 1, 2025 - August 31, 2025 — $ — — $ 39,907 September 1, 2025 - September 30, 2025 545,195 $ 7.06 — $ 39,907 Total 545,195 $ 7.06 — (1) Consists entirely of 545,195 shares of common stock repurchased from the former Chairman and Chief Executive Officer in order to satisfy tax withholding requirements. Such shares are cancelled and retired. These shares also do not count toward the dollar value that may yet to be purchased under the plan nor are they subject to the 1% excise tax discussed below. (2) The average price paid per share includes any commissions paid to repurchase stock. (3) In February 2024, our Board approved a stock repurchase program for up to $75.0 million, excluding excise taxes and other expenses. The stock repurchase program expired on December 31, 2024. However, on March 6, 2025, our Board extended the program in its entirety to December 31, 2025. The program may be suspended, modified, or discontinued by the Board at any time. (4) The IRA of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. All dollar amounts presented exclude such excise taxes, as applicable.