BEL FUSE INC NJ
For the period ended Mar 31, 2024. Filed Apr 30, 2024.
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Mar 31, 2024 · Filed Apr 30, 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 February 21, 2024, the Company’s Board of Directors authorized and the Company publicly announced a $25.0 million share repurchase program (the “Repurchase Program”). The Repurchase Program authorizes the repurchase of up to $25.0 million of shares of outstanding Class A Common Stock and Class B Common Stock. The aggregate $25.0 million available for repurchases under the Repurchase Program has been suballocated for purchases of Class A shares and Class B shares in portions of $4.0 million and $21.0 million, respectively, prorated to take into account the number of outstanding shares of each respective class. Shares of Common Stock may be repurchased pursuant to the Repurchase Program in open market, privately negotiated or block transactions or otherwise from time to time, depending upon market conditions and other factors, and in accordance with applicable law and regulations. The Repurchase Program has no expiration date. The Repurchase Program does not obligate the Company to repurchase any dollar amount or number of shares, and the Repurchase Program may be suspended or terminated at any time.
The following table summarizes the activity related to repurchases of our equity securities during the quarter 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 Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (dollars in thousands) | ||||
|---|---|---|---|---|---|---|---|---|
| January 1, 2024 – January 31, 2024 | - | $ - | - | $ - | ||||
| February 1, 2024 – February 29, 2024 | - | $ - | - | $4,000 (Class A) $21,000 (Class B) | ||||
| March 1, 2024 – March 31, 2024 | 10,809 (Class A) 98,139 (Class B) | $66.93 (Class A) $56.63 (Class B) | 10,809 (Class A) 98,139 (Class B) | $3,276 (Class A) $15,441 (Class B) | ||||
| Total | 10,809 (Class A) 98,139 (Class B) | $66.93 (Class A) $56.63 (Class B) | 10,809 (Class A) 98,139 (Class B) | $3,276 (Class A) $15,441 (Class B) | ||||
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