Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Stock Repurchase Plan
The Company has a stock repurchase program. The buy-back program is designed to increase shareholder value, enlarge the Company's holdings of its common stock, and add to earnings per share. Repurchased shares may be retained in treasury, utilized for acquisitions, or reissued to employees or other purchasers, subject to the restrictions of the Company's Restated Articles of Incorporation. Under the current authorization, the Company's Board of Directors had authorized the repurchase of a total of 5,000,000 shares of Matthews' common stock under the program, of which 638,736 shares remain available for repurchase as of June 30, 2020.
The following table shows the monthly fiscal 2020 stock repurchase activity:
Period Total number of shares purchased Weighted-average price paid per share Total number of shares purchased as part of a publicly announced plan Maximum number of shares that may yet be purchased under the plan
October 2019 9,800 $ 35.87 9,800 702,512
November 2019 38,425 35.02 38,425 664,087
December 2019 3,879 38.10 3,879 660,208
January 2020 750 37.04 750 659,458
February 2020 — — — 659,458
March 2020 20,000 23.91 20,000 639,458
April 2020 — — — 639,458
May 2020 486 34.02 486 638,972
June 2020 236 20.93 236 638,736
Total 73,576 $ 32.25 73,576
Item 3. Defaults Upon Senior Securities
Not Applicable.
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.