SOUTHWEST AIRLINES CO 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds (a) As previously disclosed, (i) in connection with funding that the Company had received under the PSP2 Payroll Support Program, the Company has issued warrants to acquire up to 168 thousand shares of the Company's common stock since March 31, 2021, to Treasury and (ii) in connection with funding that the Company had received under the PSP3 Payroll Support Program, the Company has issued warrants to acquire up to 899 thousand shares of the Company's common stock since April 2021 to Treasury, in each case under an exemption from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. For additional information regarding the warrants, see Note 2 of the unaudited Condensed Consolidated Financial Statements. (c) On May 15, 2019, the Company’s Board of Directors authorized the repurchase of up to $2.0 billion of the Company’s common stock. Subject to certain conditions, including restrictions on the Company pursuant to the PSP3 Payroll Support Program through September 30, 2022, repurchases may be made in accordance with applicable securities laws in open market or private, including accelerated, repurchase transactions from time to time, depending on market conditions. The Company has announced it has suspended further share repurchase activity until further notice. The Company has approximately $899 million remaining under its current share repurchase authorization. Item 3. Defaults Upon Senior Securities None Item 4. Mine Safety Disclosures Not applicable