METHODE ELECTRONICS INC
For the period ended Jul 27, 2024. Filed Sep 5, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jul 27, 2024 · Filed Sep 5, 2024
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Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
On March 31, 2021, as subsequently amended on June 16, 2022, the Board of Directors authorized the purchase of up to $200.0 million of our outstanding common stock through June 14, 2024 (the “2021 Buyback Authorization”). On June 13, 2024, the Board of Directors approved a new share buyback authorization, commencing on June 17, 2024, for the purchase of up to $200.0 million of our outstanding common stock through June 17, 2026 (the “2024 Buyback Authorization”). Purchases under these programs may be made on the open market, including pursuant to purchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934, or in private transactions. Prior to its expiration, we had purchased and retired $134.6 million of common stock under the 2021 Buyback Authorization. No further shares can be purchased under the 2021 Buyback Authorization. We have not made any purchases under the 2024 Buyback Authorization.
The following table provides information about our purchases of equity securities during the three months ended July 27, 2024.
| Period | Total number of shares purchased1 | Average price paid per share | Total number of shares purchased as part of publicly announced plan | Approximate dollar value of shares that may yet be purchased under the program (in millions) |
|---|---|---|---|---|
| April 28, 2024 through May 25, 2024 | 112,053 | $11.99 | 72,000 | $66.1 |
| May 26, 2024 through June 29, 2024 | 64,000 | $11.06 | 64,000 | $200.0 |
| June 30, 2024 through July 27, 2024 | — | $— | — | $200.0 |
| (1) In addition to open-market purchases under the board-authorized stock repurchase programs, 40,053 shares of common stock were surrendered by employees to satisfy tax withholding obligations in connection with the vesting of restricted stock units. | ||||
Item 5. Other Information
During our last fiscal quarter, no director or officer of the Company, as defined in Rule 16a-1(f), adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” each as defined in Item 408 of Regulation S-K.
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