Item 2. Unregistered Sales of Equity Securities
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
Repurchases of Equity Securities
We repurchased 1,000,000 shares of our 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 Program Maximum Shares that May Yet be Purchased Under the Program
July 1, 2023–July 31, 2023 47,064 $ 7.80 47,064 952,936
August 1, 2023–August 31, 2023 649,223 $ 7.06 649,223 303,713
September 1, 2023–September 30, 2023 303,713 $ 6.40 303,713 —
1,000,000 1,000,000
In June 2022, the Company announced that its Board of Directors approved a stock repurchase program authorizing the repurchase of up to 1,000,000 shares of the Company’s outstanding common stock. In 2022, the Company repurchased 306,375 shares of common stock for an aggregate purchase price of $1.6 million. As of December 31, 2022, there were 693,625 shares remaining to be repurchased under this program. The Company repurchased 34,687 shares of common stock in the first quarter of 2023 for $186,000. The Company repurchased 658,938 shares of common stock in the second quarter of 2023 for $4.7 million. As of June 30, 2023, the Company finished this stock repurchase program.
On July 26, 2023, Travelzoo announced that its board of directors has authorized the repurchase of up to 1,000,000 shares of the Company's outstanding common stock. The Company repurchased 1,000,000 shares of common stock for an aggregate purchase price of $6.9 million which were retired and recorded as a reduction of additional paid-in capital. This stock repurchase program was completed in the three months ended September 30, 2023.
On October 24, 2023, the Company announced that its Board of Directors approved a stock repurchase program authorizing the repurchase of up to 1,000,000 shares of the Company’s outstanding common stock. Purchases may be made, from time to time, in the open market and will be funded from available cash. The number of shares to be purchased and the timing of purchases will be based on the level of Travelzoo’s cash balances, general business and market conditions, and other factors, including alternative investment opportunities.
Item 3: Defaults Upon Senior Securities
None.
Item 4: Mine Safety Disclosures
None.
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