Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities
and Use of Proceeds
On March 14, 2023, the Company announced that
its Board of Directors has authorized the repurchase of up to $15 million of the Company’s outstanding common stock. Under this
new program, share repurchases may be made from time to time depending on market conditions, share price and availability and other factors
at the Company’s discretion. This stock repurchase authorization expires on the earlier of March 12, 2024, or when the repurchase
of $15 million of shares of its common stock has been reached.
The Company’s repurchase of shares will
take place in open market transactions or privately negotiated transactions in accordance with applicable securities and other laws, including
the Exchange Act. The Company intends to finance the purchase using its available cash and cash equivalents. The Board may modify, suspend,
extend or terminate the repurchase program at any time.
There were no shares repurchased by the Company during the quarter
ended March 31, 2023.
Item 3. Defaults upon Senior Securities
None.
Item 4. Mine Safety Disclosure
N/A.
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.