Item 2. Unregistered Sales of Equity Securities
Item 2 Unregistered Sales of Equity Securities and use of Proceeds
(a) Not applicable.
(b) Not applicable.
(c) On April 25, 2022, the Company’s Board of Directors approved an extension of its previously announced stock repurchase program, which was set to expire on April 29, 2022, until October 29, 2022. Under this program the Company is authorized to repurchase up to $2.0 million of its outstanding shares of common stock during the period ending October 29, 2022, from time to time in the open market, based on prevailing market prices, or in privately negotiated transactions. On July 26, 2022 the Company announced that its Board of Directors amended its existing stock repurchase program to increase the authorized repurchase amount to $4.0 million effective immediately and to extend the program maturity to January 31, 2023. The actual timing, number and value of shares repurchased under the stock repurchase program will depend on a number of factors, including constraints specified pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission, price, general business and market conditions, and alternative investment opportunities.
The following table sets forth information with respect to our repurchases of our outstanding common shares during the three months ended September 30, 2022:
Total Number of Shares Purchased (1)
Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximated Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs
July 1, 2022 - July 31, 2022 — $ — — $ 2,140,223
August 1, 2022 - August 31, 2022 2,431 $ 37.77 — 2,140,223
September 1, 2022 - September 30, 2022 — $ — — 2,140,223
Total 2,431 $ 37.77 — $ 2,140,223
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(1) Includes the surrender of shares of Company common stock that the participants already own as payment of the exercise price for stock options. Shares surrendered by participants in the equity incentive plans are repurchased pursuant to the terms of the plan and applicable award agreement and not pursuant to publicly announced share repurchase programs.
Item 3 Defaults Upon Senior Securities
Nothing to report.
Item 4. Mine Safety Disclosures
Not Applicable.
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