Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table sets forth the Company’s share repurchase activities for each period presented.
Period Number of Shares of Class A Common Stock Purchased Average Price Paid per Share Total Number of Shares of Class A Common Stock Purchased as Part of Publicly Announced Program (1)
Maximum Number of Shares of Class A Common Stock that May Yet Be Purchased Under the Program
January 1, 2021 - January 31, 2021 550,000 $ 8.42 550,000 3,975,000
February 1, 2021 - February 28, 2021 475,000 9.89 475,000 13,500,000
March 1, 2021 - March 31, 2021 947,520 11.56 947,520 12,552,480
Total 1,972,520 $ 10.28 1,972,520 12,552,480
(1) In August 2019, the Company’s board of directors authorized a share repurchase program of up to 10.0 million shares of Class A Common Stock. The program does not require purchases to be made within a particular time frame. In February 2021, the Company’s board of directors increased the share repurchase authorization by an additional 10.0 million shares of Class A Common Stock.
On March 5, 2021, outside of the share repurchase program, Magnolia LLC repurchased and subsequently canceled 5.0 million units representing limited liability company interests in Magnolia LLC with an equal number of shares of corresponding Class B Common Stock for a cash consideration of $50.8 million at an average price of $10.16 per share. There is no public market for the Class B Common Stock. For further detail, see Note 12—Stockholders’ Equity in the Notes to the Consolidated Financial Statements in this Quarterly Report on Form 10-Q.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
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