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 - March 31, 2021 1,972,520 $ 10.28 1,972,520 12,552,480
April 1, 2021 - April 30, 2021 627,480 11.41 627,480 11,925,000
May 1, 2021 - May 31, 2021 1,275,000 12.01 1,275,000 10,650,000
June 1, 2021 - June 30, 2021 122,520 12.84 122,520 10,527,480
Total 3,997,520 $ 11.09 3,997,520 10,527,480
(1) The Company’s board of directors has authorized a share repurchase program of up to 20.0 million shares of Class A Common Stock. The program does not require purchases to be made within a particular time frame.
During the six months ended June 30, 2021, outside of the share repurchase program, Magnolia LLC repurchased and subsequently canceled a total of 10.0 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 $122.5 million at an average price of $12.25 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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