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 September 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 Approximate
Dollar Value That May
Yet Be Repurchased
Under the Plan
July 1, 2023 - July 31, 2023
18,858
$ 16.23
18,858
$ 5,463
August 1, 2023 - August 31, 2023
18,043
15.99
18,043
5,174
September 1, 2023 - September 30, 2023
23,434
15.73
23,434
4,805
60,335
$ 15.96
60,335
As
of September 30, 2023, the Company has repurchased an aggregate of 113,639 shares under the Prior Repurchase Program and an aggregate
of 311,855 shares under the New Repurchase Program at a total cost of $7.2 million, or $16.99 per share. As of September 30, 2023,
the maximum dollar value of shares that may yet be purchased under the New Repurchase Program was approximately $4.8 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.
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.