Item 2. Unregistered Sales of Equity Securities
ITEM 2. UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
On
December 21, 2018, the Board authorized a share repurchase program under which the Company was authorized to repurchase up to
$3.5 million of the Company’s outstanding shares of common stock, or approximately 312,497 common shares, in accordance
with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act. The December 21, 2018
share repurchase program expired on May 31, 2019 and was renewed on September 5, 2019 and March 26, 2020. Under the March 26,
2020 share repurchase program, the Board authorized the repurchase of up to $2.0 million worth of common shares. The program expired
on September 30, 2020.
As
of September 30, 2020, the Company has repurchased 303,892 shares under the share repurchase programs at a total
cost of $3.5 million, or $11.37 per share. Through November 10, 2020, the Company has repurchased an aggregate of
384,368 shares of its outstanding common stock, including three privately negotiated purchases outside of the share repurchase
programs, at a total cost of $4.2 million or $11.06 per share.
The
table below summarizes information about our purchases of common stock during the three months ended September 30, 2020:
Period
Total Number
of Shares
Purchased
Average
Price Paid
per Share
Total Number of
Shares Purchased as
Part of Publicly
Announced Plan
Maximum Number of
Shares That May Yet Be
Purchased Under the
Plan
Balance as of June 30, 2020
78,781
July 1, 2020 through July 31, 2020
46,812
$ 12.62
46,812
31,969
August 1, 2020 through August 31, 2020
6,866
13.03
6,866
25,103
September 1, 2020 through September 30, 2020
16,498
13.55
16,498
—
70,176
$ 12.87
70,176
ITEM 3. DEFAULTS
UPON SENIOR SECURITIES.
None.
ITEM 4. MINE
SAFETY DISCLOSURES.
Not Applicable.
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