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 Maximum Number of Shares of Class A Common Stock that May Yet Be Purchased Under the Program (1)
January 1, 2024 - March 31, 2024 2,350,000 $ 22.28 2,350,000 6,868,105
April 1, 2024 - June 30, 2024 1,000,000 25.94 1,000,000 5,868,105
July 1, 2024 - July 31, 2024 549,757 26.26 549,757 5,318,348
August 1, 2024 - August 31, 2024 913,793 24.72 913,793 4,404,555
September 1, 2024 - September 30, 2024
486,450 24.05 486,450 3,918,105
Total 5,300,000 $ 23.97 5,300,000 3,918,105
(1) The Company’s board of directors has authorized a share repurchase program of up to 40.0 million shares of Class A Common Stock. The program does not require purchases to be made within a particular time frame.
During the nine months ended September 30, 2024, outside of the share repurchase program, Magnolia LLC repurchased and subsequently canceled a total of 3.5 million Magnolia LLC Units with an equal number of shares of corresponding Class B Common Stock for cash consideration of $89.7 million at an average price of $25.62 per share. There is no public market for the Class B Common Stock. For further detail, see Note 10—Stockholders’ Equity in the notes to the consolidated financial statements included 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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