Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity and Use of Proceeds
Items 2. (a) and (b) are not applicable.
2. (c) Share Repurchases
On February 21, 2017, the Company's Board of Directors approved the repurchase of up to $100.0 million of the Company's common shares from time to time at market prices. The Company has adopted a Rule 10b5-1(c)(1) trading arrangement as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended. On March 20, 2024, an amendment was made to the agreement initially signed on September 29, 2023 between Maiden Holdings and a financial intermediary authorizing the intermediary to purchase common shares from October 30, 2023 until the close of business on September 29, 2024, subject to certain conditions set forth in the agreement. The Company's remaining authorization for common share repurchases was $69.4 million at June 30, 2024.
The table below details the repurchases made during the three months ended June 30, 2024 under the Company's authorized common share repurchase plan pursuant to Rule 10b5-1(c)(1) under the Securities Exchange Act of 1934:
For the Three Months Ended June 30, 2024 Total number of shares repurchased Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Dollar amount still available under trading plan
($ in thousands)
April 1, 2024 - April 30, 2024 79,341 $ 2.15 79,341 $ 70,771
May 1, 2024 - May 31, 2024 331,686 2.17 331,686 70,052
June 1, 2024 - June 30, 2024 336,534 2.08 336,534 69,351
Total 747,561 $ 2.13 747,561 69,351
Subsequent to the three months ended June 30, 2024 and through the period ended August 7, 2024, the Company repurchased 36,984 additional common shares at an average price per share of $2.00 under the Company's authorized common share repurchase plan pursuant to Rule 10b5-1(c)(1) under the Securities Exchange Act of 1934. The Company's remaining share repurchase authorization was $69.3 million at August 7, 2024.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
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