Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
On September 1, 2023 and October 31, 2023, the Board of Directors authorized the Stock Repurchase Plan (as defined in Note 10. Stockholders' Equity ) in the aggregate amount of up to $15,000,000 and $10,000,000, respectively, for a total of $25,000,000 authorized, which allows the Company to repurchase shares of its issued and outstanding Common Stock, from time to time in the open market or otherwise including pursuant to a Rule 10b5-1 trading plan and in compliance with Rule10b-18 under the Exchange Act. The authorization does not have a specified expiration date. Accordingly, unless terminated earlier by resolution of the Board, the stock repurchase program will expire when the Company has repurchased all shares authorized for repurchase. The Company is not obligated to acquire any particular amount of Common Stock and may modify or suspend the repurchases at any time in the Company’s discretion.
In the three months ended June 30, 2024, the Company purchased 966,051 shares as part of the Stock Repurchase Plan at an average price of $2.84 per shares, excluding commission costs and the impact of excise taxes. As of June 30, 2024, the Share Repurchase Plan was complete and no further amounts are available for share repurchases.
The following table provides information about purchases of equity securities that are registered by the Company pursuant to Section 12 of the Exchange Act during the three months ended June 30, 2024.
Period Total number of shares purchased Average price paid per share (1)
Total number of
shares purchased
as part of the
publicly announced
plan Maximum
approximate dollar
value of shares
that may yet be
purchased under
the plan
4/1/2024 - 4/30/2024 438,772 $ 2.51 438,772 $ 1,675,000
5/1/2024 - 5/31/2024 527,279 $ 3.11 527,279 $ —
6/1/2024 - 6/30/2024
— $ — — $ —
966,051 966,051
(1) Average price paid per share excludes commission costs and excise taxes associated with the above mentioned repurchases.
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