Item 2. Unregistered Sales of Equity Securities
ITEM 2. UNREGISTERED SALES OF
EQUITY SECURITIES AND USE OF PROCEEDS.
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 “Repurchase Program”). The actual timing, number and value of
shares repurchased under the 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 Repurchase Program. Our Board may also suspend or discontinue the Repurchase Program at any time, in its
sole discretion. The purchase period for the 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 March 31, 2024:
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
of Shares
That May
Yet Be Purchased
Under the Plan
January 1, 2024 - January 31, 2024
42,267
$ 17.14
42,267
3,847
February 1, 2024 - February 29, 2024
5,124
16.73
5,124
3,761
March 1, 2024 - March 31, 2024
10,907
17.25
10,907
3,573
58,298
$ 17.12
58,298
As
of March 31, 2024, the Company has repurchased an aggregate of 384,386 shares under the Repurchase Program at a total cost of $6.4
million, or $16.72 per share. As of March 31, 2024, the maximum dollar value of shares that may yet be purchased under the
Repurchase Program was approximately $3.6 million shares of common stock.
ITEM 3. DEFAULTS
UPON SENIOR SECURITIES.
None.
ITEM 4. MINE
SAFETY DISCLOSURES.
Not Applicable.
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