ONTO INNOVATION INC
For the period ended Mar 30, 2024. Filed May 9, 2024.
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Mar 30, 2024 · Filed May 9, 2024
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Unregistered Sales of Equity Securities and Use of Proceeds
In February 2024, the Onto Innovation Board of Directors approved a new share repurchase authorization, which allows the Company to repurchase up to $200 million worth of shares of its common stock. There were no repurchases of common stock under this authorization during the three months ended March 30, 2024. There was $200 million available for future share repurchases under this share repurchase authorization at March 30, 2024. For further information, see Note 15, “Share Repurchase Authorization,” of the Notes to the Condensed Consolidated Financial Statements.
In addition to our share repurchase program, we withhold common stock shares associated with net share settlements to cover tax withholding obligations upon the vesting of restricted stock unit awards under the Company’s equity incentive program. During the three months ended March 30, 2024, we withheld 53 thousand shares through net share settlements. For the three month period ended March 30, 2024, net share settlements cost $9.1 million. Please refer to Note 9, “Share-Based Compensation,” of the Notes to the Condensed Consolidated Financial Statements for further discussion regarding our equity incentive plan.
The following table provides details of common stock purchased during the three months ended March 30, 2024 (in thousands, except per share data):
| Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Maximum Approximate Dollar Value of Shares that May Yet be Purchased Under the Program |
|---|---|---|---|---|
| December 31, 2023 - January 30, 2024 | 2 | $148.43 | — | $31,577 |
| January 31, 2024 - February 29, 2024 | 51 | $172.28 | — | $200,000 |
| March 1, 2024 - March 30, 2024 | — | $— | — | $200,000 |
| Three months ended March 30, 2024 | 53 | $171.67 | — | |
| 1 Includes shares withheld through net share settlements. | ||||
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