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 nine months ended September 28, 2024. There was $200 million available for future share repurchases under this share repurchase authorization at September 28, 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 nine months ended September 28, 2024, we withheld 2 thousand and 99 thousand shares through net share settlements. For the three and nine months ended September 28, 2024, net share settlements cost $0.5 million and $18.4 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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Table of Contents
The following table provides details of common stock purchased during the three months ended September 28, 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
June 30, 2024 - July 29, 2024
1
$
207.39
—
$
200,000
July 29, 2024 - August 29, 2024
—
$
—
—
$
200,000
August 29, 2024 - September 28,2024
1
$
201.80
—
$
200,000
Three months ended September 28, 2024
2
$
201.82
—
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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