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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: During three months ended March 31, 2025, pursuant to the Exchange Agreement, certain current and former employees elected to exchange 350,858 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: During six months ended June 30, 2025, pursuant to the Exchange Agreement, certain current and former employees elected to exchange 350,858 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.
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.
No underwriters were involved in the transaction.
−Removed: Total share repurchases for the three months ended March 31, 2025 were as follows:
+Added: Total share repurchases for the three months ended June 30, 2025 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: January 1, 2025 - January 31, 2025
+Added: April 1, 2025 - April 30, 2025
Class A Common Stock repurchases 574,135 $ 37.01 572,862 $ 368,811,688
−Removed: February 1, 2025 - February 28, 2025
+Added: May 1, 2025 - May 31, 2025
Class A Common Stock repurchases 565,133 41.46 557,226 345,712,155
−Removed: March 1, 2025 - March 31, 2025
+Added: June 1, 2025 - June 30, 2025
Class A Common Stock repurchases 543,710 41.60 528,426 323,712,519
Total Common Stock repurchases 1,682,978 $ 39.99 1,658,514
−Removed: (1) Includes the repurchase of 1,018,757 shares from employees in order to satisfy statutory tax withholding requirements upon the net settlement of equity awards for the three months ended March 31, 2025.
+Added: (1) Includes the repurchase of 1,018,757 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, 2025.
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 March 31, 2025, the Company repurchased approximately 51.6 million shares of Class A Common Stock and Virtu Financial Units for approximately $1,330.0 million.
−Removed: As of March 31, 2025, the Company has approximately $390.0 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 June 30, 2025, the Company repurchased approximately 53.3 million shares of Class A Common Stock and Virtu Financial Units for approximately $1,396.3 million.
+Added: As of June 30, 2025, the Company has approximately $323.7 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.