Item 2. Unregistered Sales of Equity Securities
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
In August 2023, the Company’s Board of Directors approved a share
buyback program under which the Company can repurchase up to 20% of its common stock in open market and privately negotiated purchases,
in compliance with Rule 10b-18 under the Exchange Act. The Company engaged and entered into an agreement with Dominari Securities LLC
(“Dominari”) on August 28, 2023, to effect the share buyback program. The share buyback program commenced in September 2023.
Dominari shall determine, in its sole discretion, the timing, amount, prices and manner of purchase of securities during such period.
The share buyback program does not obligate the Company to acquire any particular amount of common stock, and the program may be suspended
or discontinued at any time.
In January 2024, the Board of Directors of the
Company authorized an increase of the share buyback program to $5,000,000.
Period
(In millions, except share and per share data)
Total number
of shares
purchased
Average
price paid
per share (2)
Total number of
shares purchased
as part of the
publicly announced
plan (1)
Maximum
approximate
dollar
value of
shares
that may yet be
purchased under
the plan (1)
January 1 – 31, 2024
190,628
$ 2.9
—
$ 3,559,148
February 1 - 29, 2024
—
—
—
3,559,148
March 1 – 31, 2024
—
—
—
3,559,148
Total
190,628
$ 2.9
—
$ 3,559,148
(1)
On August 25, 2023, the Company announced that the Board of Directors authorized an up to 20% share buyback program, which does not have an expiration date. In January 2024, the Board of Directors of the Company authorized an increase of the share buyback program to $5,000,000. From the inception of the share buyback program on September 8, 2023, through December 19, 2023, the Company has purchased a total of 865,070 shares of the Company’s common stock at an average price of $1.7 per share for a total purchase price of $1,440,852. In January 2024, the Company purchased a total of 190,628 shares of the Company’s common stock at an average price of $2.9 per share.
(2)
Average price paid per share excludes costs associated with the repurchases.
19
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4. MINE SAFETY DISCLOSURE
Not
Applicable.
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