Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equi ty Securities and Use of Proceeds
In February 2024, the Onto Innovation Board of Directors approved a new share repurchase authorization, which allows the Company to repurchase up to $200 million worth of shares of its common stock. There were no repurchases of common stock under this authorization during the three and six months ended June 29, 2024. There was $200 million available for future share repurchases under this share repurchase authorization at June 29, 2024. For further information, see Note 15, “Share Repurchase Authorization,” of the Notes to the Condensed Consolidated Financial Statements.
In addition to our share repurchase program, we withhold common stock shares associated with net share settlements to cover tax withholding obligations upon the vesting of restricted stock unit awards under the Company’s equity incentive program. During the three and six months ended June 29, 2024, we withheld 44 thousand and 97 thousand shares through net share settlements. For the three and six month periods ended June 29, 2024, net share settlements cost $8.9 million and $18.0 million, respectively. Please refer to Note 9, “Share-Based Compensation,” of the Notes to the Condensed Consolidated Financial Statements for further discussion regarding our equity incentive plan.
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The following table provides details of common stock purchased during the three months ended June 29, 2024 (in thousands, except per share data):
Period
Total Number
of Shares
Purchased (1)
Average Price Paid per Share
Total Number of Shares Purchased as Part of Publicly Announced Program
Maximum Approximate Dollar Value of Shares that May Yet be Purchased Under the Program
March 31, 2024 - April 29, 2024
27
$
184.97
—
$
200,000
April 30, 2024 - May 29, 2024
15
$
231.22
—
$
200,000
May 30, 2024 - June 29, 2024
2
$
221.94
—
$
200,000
Three months ended June 29, 2024
44
$
202.65
—
1 Includes shares withheld through net share settlements.
Item 3. Defaults Upo n Senior Securities
None.
Item 4. Mine Saf ety Disclosures
None.
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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.