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 authorized to repurchase up to $10.0 million of the Company’s outstanding shares of common stock. The previous repurchase periods under this program were July 1, 2022 through May 15, 2023 and May 16, 2023 through May 15, 2024 (the "Prior Repurchase Programs").
On May 16, 2024, 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, 2025, through a trading plan established in compliance with Rule 10b5-1 and Rule 10b-18 of the Exchange Act (the “Current 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, 2024 through May 16, 2025.
The table below summarizes information about our purchases of common stock during the three months ended September 30, 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
July 1, 2024 - July 31, 2024 127,837 $ 16.85 127,837 7,292
August 1, 2024 - August 31, 2024 41,159 16.98 41,159 6,593
September 1, 2024 - September 30, 2024 21,340 17.05 21,340 6,229
190,336 $ 16.90 190,336
As of September 30, 2024, the Company has repurchased an aggregate of 743,028 shares under the Prior Repurchase Programs and Current Repurchase Program at a total cost of $12.6 million, or $17.00 per share. As of September 30, 2024, the maximum dollar value of shares that may yet be purchased under the Current Repurchase Program was approximately $6.2 million shares of common stock.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. MINE SAFETY DISCLOSURES.
Not Applicable.
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