GEOSPACE TECHNOLOGIES CORP
For the period ended Sep 30, 2024. Filed Nov 22, 2024.
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FY2024 · Filed Nov 22, 2024
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Item 4. Mine Safety Disclosures
None.
Part II
Holders of Record
Our common stock is traded on The NASDAQ Global Select Market under the symbol “GEOS”. On October 31, 2024, there were approximately 136 holders of record of our common stock, and the closing price per share on such date was $11.20 as quoted by The NASDAQ Global Select Market.
Market Information for Common Stock
The following table shows the high and low per share sales prices for our common stock reported on The NASDAQ Global Select Market.
| Year Ended September 30, 2024: | Low | High |
|---|---|---|
| Fourth Quarter | ||
| Third Quarter | $8.09 | $10.81 |
| Second Quarter | 8.49 | 14.83 |
| First Quarter | 11.40 | 17.09 |
| 10.35 | 13.74 | |
| Year Ended September 30, 2023: | ||
| Fourth Quarter | $7.22 | $14.59 |
| Third Quarter | 6.60 | 9.16 |
| Second Quarter | 3.96 | 7.55 |
| First Quarter | 3.76 | 4.88 |
Dividends
Since our initial public offering in 1997, we have not paid dividends, and we do not intend to pay cash dividends on our common stock in the foreseeable future. We presently intend to retain our earnings for use in our business, with any future decision to pay cash dividends dependent upon our growth, profitability, financial condition and other factors our Board of Directors may deem relevant.
Securities Authorized for Issuance under Equity Compensation Plans
The following equity plan information is provided as of September 30, 2024:
Equity Compensation Plan Information
| Plan Category | Number of Securities to be Issued upon Exercise of Outstanding Options, Warrants and Rights (a) | Weighted-average Exercise Price of Outstanding Options, Warrants and Rights (b) | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) (c) |
|---|---|---|---|
| (In shares) | (In dollars per share) | (In shares) | |
| Equity Compensation Plans Approved by Security Holders (1) | 408,895 | N/A | 827,088 |
| Equity Compensation Plans Not Approved by Security Holders | — | — | — |
| Total | 408,895 | N/A | 827,088 |
| (1) | The number of securities shown in column (c) represents number of securities remaining available for issuance under the Company’s 2014 Long Term Incentive Plan, as amended (the “2014 Plan”). The 2014 Plan allows for the issuance of restricted stock awards, performance stock awards, performance stock unit awards, restricted stock unit awards (the foregoing, “Full Value Awards”), stock options and stock appreciation rights. For purposes of calculating the number of securities remaining under the 2014 Plan in column (c), Full Value Awards are counted as 1.5 shares for each share awarded. The number of securities shown in column (a) of the table above represents restricted stock unit awards outstanding under the 2014 Plan. Column (b) excludes restricted stock unit awards. |
Recent Sales of Unregistered Securities and Use of Proceeds
None.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
The following table provides information with respect to purchases of common stock of the Company made during the three months ended September 30, 2024:
| Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (1) |
|---|---|---|---|---|
| July 1, 2024 through July 31, 2024 | $ 164,048 | $ 9.09 | $ 164,048 | $ 501,000 |
| August 1, 2024 through August 31, 2024 | 141,695 | 9.23 | 141,695 | 1,186,000 |
| September 1, 2024 through September 30, 2024 | 57,491 | 9.88 | 57,491 | 615,000 |
(1) On May 9, 2024, the Company's Board of Directors (the "Board") authorized a stock repurchase program ("the program") under which the Company may repurchase up to $5 million of its outstanding stock. On August 8, 2024, the Board approved an extension to the Program increasing the dollar amount of shares allowed to be purchased to $7 million, Under the Program, the Company may purchase shares of common stock on a discretionary basis from time to time through open market transactions through block trades, in privately negotiated transactions and pursuant to any trading plan that may be adopted by the Company’s management in accordance with Rule 10b5-1 of the Exchange Act, or otherwise. The timing and number of shares repurchased will depend on a variety of factors, including stock price, trading volume, and general business and market conditions. The Program has no time limit, does not obligate the Company to acquire a specified number of shares and may be modified, suspended or discontinued at any time at the Company’s discretion. The repurchase plan will be funded using existing cash or future cash flow.
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