Silo Pharma Inc
For the period ended Mar 31, 2024. Filed May 13, 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.
Mar 31, 2024 · Filed May 13, 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
None.
Issuer Purchases of Equity Securities
On January 26, 2023, our Board of Directors authorized a stock repurchase plan to repurchase up to $1,000,000 of our issued and outstanding common stock, from time to time, with such program to be in place until December 31, 2023. On January 9, 2024, our Board of Directors approved an extension of the previously announced stock repurchase program authorizing the purchase of up to $1 million of the Company’s common stock until March 31, 2024 and on April 4, 2024, the stock Repurchase Plan was extended to April 30, 2024. During the year ended December 31, 2023, we purchased 252,855 shares of common stock for a cost of $471,121, which is reflected in treasury stock on the accompanying unaudited consolidated balance sheet. During the three months ended March 31, 2024, , we purchased 72,790 shares of common stock for a cost of $115,452. As of March 31, 2024, we have repurchased an aggregate of 325,645 shares of our common stock for a total cost of $586,573 pursuant to its Stock Repurchase Program.
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The following is a summary of our common stock repurchases during the quarterly period ended March 31, 2024:
| Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced program | Maximum number (or approximate dollar value) of shares that may yet be purchased under the program |
|---|---|---|---|---|
| January 1, 2024 through January 31, 2024 | 28,944 | $1.45 | 28,944 | |
| February 1, 2024 through February 29, 2024 | 21,318 | $1.59 | 21,318 | |
| March 1, 2024 through March 31, 2024 | 22,528 | $1.79 | 22,528 | |
| Total | 72,790 | $1.59 | 72,790 | $413,427 |
On April 4, 2024, our Board of Directors of Silo Pharma, Inc. (the “Company”) approved an extension of the previously announced stock repurchase program authorizing the purchase of up to $1.0 million of the Company’s common stock until April 30, 2024. From April 1, 2024 to April 30, 2024, the Company purchased 30,065 shares of common stock for a cost of $57,661, or average cost of $1.92.
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