Item 2. Unregistered Sales of Equity Securities
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
On
May 31, 2022, the Board authorized a share repurchase program under which the Company was previously authorized to repurchase up to $10.0
million of the Company’s outstanding shares of common stock from time to time until May 15, 2023, through a Rule 10b5-1 trading
plan in compliance with all applicable laws and regulations, including Rule 10b-18 of the Exchange Act (the “Prior Repurchase Program”).
The purchase period for the Prior Repurchase Program was July 1, 2022 through May 15, 2023.
On May 16, 2023, the Company
announced that the Board had authorized the Company to repurchase up to $10.0 million of the Company’s outstanding shares of common
stock from time-to-time until May 16, 2024, through a trading plan established in compliance with Rule 10b5-1 and Rule 10b-18 of the
Exchange Act (the “New Repurchase Program”). The actual timing, number and value of shares repurchased under the New Repurchase
Program will depend on several factors, including the constraints specified in the Rule 10b5-1 trading plan, price, and general market
conditions. There is no guarantee as to the exact number of shares that will be repurchased under the New Repurchase Program. Our Board
may also suspend or discontinue the New Repurchase Program at any time, in its sole discretion. The purchase period for the New Repurchase
Program is May 16, 2023 through May 16, 2024.
The
table below summarizes information about our purchases of common stock during the three months ended June 30, 2023:
Period
Total Number
of
Shares
Purchased
Average
Price Paid
per Share
Total Number
of
Shares Purchased
as Part of Publicly
Announced Plan
Maximum Number
(or
Appropriate Dollar
Value) of Shares That
May Yet Be Repurchased
Under the Plan
April 1, 2023 - April 30, 2023
10,401
$ 17.68
10,401
611,218
May 1, 2023 - May 31, 2023 (1)
111,669 (1)
16.83
111,669 (1)
8,305 (2)
June 1, 2023 - June 30, 2023
150,422
16.86
150,422
5,769 (2)
272,492
$ 16.88
272,492
(1) The
Prior Repurchase Program expired on May 15, 2023, and the New Repurchase Program began on
May 16, 2023.
(2) Reflects
approximate dollar value of shares available for repurchase under the New Repurchase Program as of the end of the applicable
period.
As
of June 30, 2023, the Company has repurchased an aggregate of 113,639 shares under the Prior Repurchase Program and an aggregate of
251,520 shares under the New Repurchase Program at a total cost of $6.3 million, or $17.16 per share. As of June 30, 2023, the
maximum dollar value of shares that may yet be purchased under the New Repurchase Program was approximately $5.8 million of shares
of common stock. No shares are available for repurchase under the Prior Repurchase Program, which expired on May 15,
2023.
ITEM 3. DEFAULTS
UPON SENIOR SECURITIES.
None.
ITEM 4. MINE
SAFETY DISCLOSURES.
Not Applicable.
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