RELIANCE, INC. 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds ​ We repurchase shares of our common stock from time to time pursuant to a combination of one or more open market repurchases and transactions structured through investment banking institutions in reliance upon Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934. ​ ​ 25 Table of Contents Our share repurchase activity for the six months ended June 30, 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Number of ​ Maximum Dollar ​ ​ Total Number ​ Average Price ​ Shares Purchased ​ Value That May ​ ​ of Shares ​ Paid ​ as Part of Publicly ​ Yet Be Purchased Period ​ Purchased ​ Per Share ​ Announced Plan ​ Under the Plan (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) April 1 - April 30, 2022 ​ — ​ $ — ​ — ​ $ 695.5 May 1 - May 31, 2022 ​ 414,947 ​ $ 192.53 ​ 414,947 ​ $ 615.6 June 1 - June 30, 2022 ​ 670,688 ​ $ 170.00 ​ 670,688 ​ $ 501.6 Total ​ 1,085,635 ​ $ 178.61 ​ 1,085,635 ​ ​ ​ (1) Share repurchases were made through a combination of one or more open market repurchases and transactions structured through investment banking institutions in reliance upon Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934 . All repurchases shown above were made under the $1.0 billion share repurchase program authorized by our Board of Directors on July 20, 2021. Subsequent to quarter end, we repurchased an additional 581,648 shares at an average cost of $171.94 per share, for a total of $100.0 million, resulting in $401.6 million remaining authorized under the plan as of July 25, 2022; on July 26, 2022, our Board of Directors again increased the repurchase authorization to $1.0 billion. The share repurchase program does not obligate us to repurchase any specific number of shares, does not have a specific expiration date and may be suspended or discontinued at any time. Under the share repurchase plan, shares may be repurchased pursuant to pre-set trading plans meeting the requirements of Rule 10b5-1 and/or 10b-18 under the Securities Exchange Act of 1934 , in the open market, in privately negotiated transactions or otherwise. ​ ​ Item 3. Defaults Upon Senior Securities ​ None. ​ Item 4. Mine Safety Disclosures ​ Not applicable. ​