Turning Point Brands Inc
For the period ended Jun 30, 2024. Filed Aug 1, 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.
Jun 30, 2024 · Filed Aug 1, 2024
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Unregistered Sales of Equity Securities and Use of Proceeds
On February 25, 2020, the Company’s Board of Directors approved a $50.0 million share repurchase program, which is intended for opportunistic execution based upon a variety of factors including market dynamics. On October 25, 2021, the Board of Directors increased the approved share repurchase program by $30.7 million bringing the authority at the time back to $50.0 million (including approximately $19.3 million available for repurchases under the Board of Directors’ previous authorization). On February 24, 2022, the Board of Directors increased the approved share repurchase program by $24.6 million bringing total authority at that time to $50.0 million. At June 30, 2024, the Company had $24.1 million of remaining capacity under the share repurchase program. This share repurchase program has no expiration date and is subject to the ongoing discretion of the Board of Directors. All repurchases to date under our stock repurchase programs have been made through open market transactions, but in the future, we may also purchase shares through privately negotiated transactions or 10b5-1 repurchase plans.
The following table includes information regarding purchases of our common stock made by us during the quarter ended June 30, 2024 in connection with the repurchase program described above.
| Total Number of · Approximate Dollar | ||||
|---|---|---|---|---|
| Shares Purchased · Value of Shares | ||||
| Total Number | Average | as Part of Publicly | that May Yet Be | |
| of Shares | Price Paid | Announced Plans | Purchased Under the | |
| Period | Purchased (1) | per Share | or Programs | Plans or Programs |
| April 1 to April 30 | 48,356 | $26.54 | 34,350 | $24,146,985 |
| May 1 to May 31 | 9,101 | $33.15 | – | $24,146,985 |
| June 1 to June 30 | – | $– | – | $24,146,985 |
| Total | 57,457 | 34,350 | ||
| (1) | The total number of shares purchased includes shares withheld by the Company in an amount equal to the statutory withholding taxes for holders who vested in stock-based awards, which totaled 14,006 shares in April and 9,101 shares in May. Shares withheld by the Company to cover statutory withholdings taxes are repurchased pursuant to the applicable plan and not the authorization under the share repurchase program. |
Item 3.
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