Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Purchases of Equity Securities By The Issuer
On September 18, 2023, the Company announced that the Board had authorized a share repurchase program under which the Company may repurchase up to $30 million of its shares over the six months beginning September 18, 2023 (the "Share Repurchase Program"). Under the Share Repurchase Program, the Company repurchased 1,124,876 shares of our common shares for $18.6 million, The Share Repurchase Program expired as of March 18, 2024.
On May 1, 2024, the Board authorized a share repurchase program to commence after release of the Company's earnings for the third quarter on May 9, 2024, under which the Company may repurchase up to $30 million of its shares during the next twelve months (the "2024 Share Repurchase Program").
The Company's proposed repurchases may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable rules and regulations. The actual timing, number, and dollar amount of repurchase transactions will be determined by management at its discretion and will depend on a number of factors including, but not limited to, the market price of the Company’s common shares, general market and economic conditions, and compliance with Rule 10b-18 and/or Rule 10b5-1 under the Exchange Act.
The Board will review the repurchase program periodically and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company expects to fund the repurchases under the 2024 Share Repurchase Program with its existing cash balance.
The 2024 Share Repurchase Program does not obligate the Company to acquire any particular amount of common shares.
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Table of Contents
During the three months ended March 31, 2024, our purchases of common shares were as follows:
Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Program Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program
($000s)
January 1 - 31, 2024 117,019 $ 17.89 117,019 $ 17,496
February 1 - 29, 2024 205,063 $ 15.57 205,063 $ 14,304
March 1 - 31, 2024 179,467 $ 15.69 179,467 $ —
Total 501,549 $ 16.15 501,549 $ —
Recent Sale of Unregistered Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
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.