Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common shares began trading on the Nasdaq Global Market under the symbol “IBEX” on August 7, 2020. As of August 30, 2024, the sale price for the Company’s common shares, as reported by the Nasdaq, was $17.24 per share.
As of August 30, 2024, we had 139 holders of record of our common shares.
Dividend Distribution Policy
We currently do not plan to declare dividends on our common shares in the foreseeable future. We currently intend to retain all of our future earnings, if any, to finance the growth and development of our business. The payment of dividends, if any, would be at the discretion of our Board and would depend on our results of operations, capital requirements, financial condition, prospects, contractual arrangements, any limitations on
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payment of dividends present in our current and future debt agreements and other factors that our Board may deem relevant.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
The Board may authorize share repurchases of the Company’s common shares. Purchases made pursuant to these authorizations may be carried out through open market or privately negotiated transactions, including block transactions and Rule 10b5-1 trading plans, depending on market conditions and in accordance with applicable rules and regulations, at times and in such amounts as the Company deems appropriate. 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, suspend or discontinue the program. The Company has and expects to fund future repurchases with its existing cash balance. The share repurchase program does not obligate the Company to acquire any particular amount of common shares.
On May 1, 2024, the Board authorized $30 million in share repurchases during the next twelve months (the "2024 Share Repurchase Program”). The following table provides information related to our purchases of our common shares during the three months ended June 30, 2024:
Period Total Number of Shares Purchased Average Price Paid per Share 1 Total Number of Shares Purchased as Part of Publicly Announced Program Approximate Dollar Value of Shares That May Yet Be Purchased Under 2024 Share Repurchase Program
($000s)
April 1 - 30, 2024 — $ — — $ —
May 1 - 31, 2024 50,000 $ 15.55 50,000 $ 29,223
June 1 - 30, 2024 147,229 $ 15.97 147,229 $ 26,871
Total 197,229 $ 15.86 197,229 $ 26,871
Refer to Note 14. “Stockholders’ Equity”, included in Item 8. “Financial Statements and Supplementary Data” for more information on our share repurchases and further information on our share repurchase programs.
Recent Sale of Unregistered Securities and Use of Proceeds
None.
Stock Performance Graph
We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this item.
ITEM 6. [RESERVED]
1 The Average Price Paid per Share excludes broker commissions.
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