Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Repurchases of Equity Securities
The Company’s stock repurchase program has been extended and expanded several times, most recently in July 2023, when the Board of Directors reauthorized 500,000 shares of common stock for repurchase under the initial September 2011 authorization. Since the reauthorization, the Company has repurchased 25,984 shares of its common stock under this repurchase program.
On April 3, 2025, the Company commenced a tender offer to repurchase up to 435,000 shares of the Company’s outstanding common stock at a price of not greater than $17.00 nor less than $14.00 per share. On April 11, 2025, the Company amended the terms of the tender offer to increase the minimum purchase price for shares purchased in the tender offer to $14.50 per share. Following the expiration of the tender offer on May 1, 2025, the Company accepted 870,000 shares of its common stock for purchase at $17.00 per share, at an aggregate purchase price of approximately $14.8 million, excluding fees and expenses related to the offer. The number of shares purchased by the Company reflects the Company’s right to purchase additional shares in the tender offer up to an additional 2% of its outstanding shares. The Company funded the purchase of the accepted shares tendered with available cash and accounted for the repurchase of these shares as treasury stock on the Company’s condensed consolidated balance sheet as of June 30, 2025.
The following table summarizes the Company’s common stock repurchases during the second quarter of 2025. No shares were purchased during the quarter other than through the 2025 tender offer, and all purchases were made by or on behalf of the Company and not by any “affiliated purchaser.”
Issuer Purchases of Equity Securities
Period
Total number
of shares
purchased
Average
price paid
per share
Total number of
shares purchased
as part of publicly announced plans
or programs
Maximum number
of shares that may
yet be purchased
under the plans or programs (1)
April 1-30, 2025
-
-
-
474,016
May 1-31, 2025
870,000
(2)
17.00
-
474,016
June 1-30, 2025
-
-
-
474,016
Total
870,000
$
17.00
-
(1)
The Company’s stock repurchase program does not have an expiration date.
(2)
Consists of shares purchased pursuant to the 2025 tender offer.
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.