Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Unregistered Sales of Equity Securities
In connection with the purchase of Bid4Assets on November 1, 2021, the Company agreed at closing to issue up to a total of 125,000 restricted stock units in a private placement to Mr. Jesse Loomis, current Chief Executive Officer of Bid4Assets, exempt from registration under Rule 506(b) of Regulation D promulgated under the Securities Act of 1933, as amended, (i) 55,000 of which are time-based and vest over a four year period, and (ii) 70,000 of which are performance-based and vest upon Bid4Asset’s achievement of certain performance targets, subject in each case to Mr. Loomis’ continued employment with the Company. In addition to Mr. Loomis’ continued employment, certain shareholders agreed not to directly or indirectly solicit or otherwise interfere with Bid4Assets’ employees for five years after closing.
Use of Proceeds
Not applicable.
Issuer Purchases of Equity Securities
The following table presents information about our repurchases of common stock during the three months ended December 31, 2021 (in thousands, except share and per share amounts):
Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as a Part of a Publicly Announced Program Approximate Dollar Value of Shares that May Yet be Purchased Under the Programs
October 1, 2021 to October 31, 2021 — $ — — $ —
November 1, 2021 to November 30, 2021 — $ — — $ —
December 1, 2021 to December 31, 2021 1
151,863 $ 20.17 147,185 $ 17,037
Total 151,863 147,185
1 Separate from the share repurchase program, our stock incentive plans allow for participants to exercise stock options by surrendering shares of common stock equivalent in value to the exercise price due. During the three months ended December 31, 2021, participants surrendered 4,678 shares of common stock in the exercise of stock options. Any shares surrendered to the Company in this manner are not available for future grant.
We have been authorized to repurchase issued and outstanding shares of our common stock under a share repurchase program approved by our Board of Directors. Share repurchases may be made through open market purchases, privately negotiated transactions or otherwise, at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions. The repurchase program may be discontinued or suspended at any time and will be funded using our available cash.
As of December 31, 2021, the Company had $17.0 million of remaining authorization to repurchase shares under the December 6, 2021 Stock Repurchase Plan.
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