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Pursuant to the exchange agreement (the “Exchange Agreement”) entered into on April 15, 2015 by and among the Company, Virtu Financial and holders of Virtu Financial Units, Virtu Financial Units (along with the corresponding shares of our Class C Common Stock or Class D Common Stock, as applicable) may be exchanged at any time for shares of our Class A Common Stock or Class B Common Stock, as applicable, on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications.
−Removed: Total share repurchases for the three months ended June 30, 2024 were as follows:
+Added: During nine months ended September 30, 2024, pursuant to the Exchange Agreement, certain current and former employees elected to exchange 31,097 units in Virtu Financial held directly or on their behalf by Virtu Employee Holdco LLC (“Employee Holdco”) on a one-for-one basis for shares of Class A Common Stock.
+Added: The shares of our Class A Common Stock were issued in reliance on the registration exemption contained in Section 4(a)(2) of the Securities Act, on the basis that the transaction did not involve a public offering.
+Added: No underwriters were involved in the transaction.
+Added: Total share repurchases for the three months ended September 30, 2024 were as follows:
Period Total Number of Shares Purchased (1) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
−Removed: April 1, 2024 - April 30, 2024
−Removed: Class A Common Stock / Virtu Financial Units repurchases 414,362 $ 20.99 414,362 $ 565,829,760
−Removed: May 1, 2024 - May 31, 2024
−Removed: Class A Common Stock / Virtu Financial Units repurchases 510,195 22.73 510,195 554,234,328
−Removed: June 1, 2024 - June 30, 2024
−Removed: Class A Common Stock / Virtu Financial Units repurchases 468,701 23.11 460,036 543,594,597
+Added: July 1, 2024 - July 31, 2024
+Added: Class A Common Stock repurchases 503,135 $ 24.56 503,135 $531,304,828
+Added: August 1, 2024 - August 31, 2024
+Added: Class A Common Stock repurchases 595,573 $ 29.62 538,369 $515,305,083
+Added: September 1, 2024 - September 30, 2024
+Added: Class A Common Stock repurchases 637,770 $ 31.36 637,770 $495,305,427
Total Common Stock / Virtu Financial Unit repurchases 1,738,327 $ 28.79 1,679.274 $495,305,427
−Removed: (1) Includes the repurchase of 8,665 shares from employees in order to satisfy statutory tax withholding requirements upon the net settlement of equity awards for the three months ended June 30, 2024.
+Added: (1) Includes the repurchase of 57,204 shares from employees in order to satisfy statutory tax withholding requirements upon the net settlement of equity awards for the three months ended September 30, 2024.
On November 6, 2020, the Company announced that the Board of Directors had authorized a new share repurchase program of up to $100.0 million in Class A common stock and Virtu Financial Units by December 31, 2021.
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The timing and amount of repurchase transactions are determined by the Company's management based on its evaluation of market conditions, share price, cash sources, legal requirements and other factors.
−Removed: From the inception of the program through June 30, 2024, the Company repurchased approximately 47.0 million shares of Class A Common Stock and Virtu Financial Units for approximately $1,176.3 million.
−Removed: As of June 30, 2024, the Company has approximately $543.7 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.
+Added: From the inception of the program through September 30, 2024, the Company repurchased approximately 48.7 million shares of Class A Common Stock and Virtu Financial Units for approximately $1,224.7 million.
+Added: As of September 30, 2024, the Company has approximately $495.3 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.
DEFAULTS UPON SENIOR SECURITIES
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.