STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

STOCKHOLDERS’ EQUITY

STOCKHOLDERS’ EQUITY

2017 Warrants — During the three and six months ended June 30, 2023, warrant holders did not elect to exercise any warrants to purchase shares of common stock. During the three and six months ended June 30, 2022, warrant holders elected to exercise 1,130,089 warrants to purchase shares of common stock. As of June 30, 2023 and December 31, 2022, the remaining warrant holders are entitled to purchase 240,188 shares of common stock.

2015 Warrants — During the three and six months ended June 30, 2023, warrant holders exercised an immaterial number of warrants to purchase shares of common stock. During the three and six months ended June 30, 2022, warrant holders elected to exercise 868,304 warrants to purchase shares of common stock. As of June 30, 2023 and December 31, 2022, the remaining warrant holders are entitled to purchase 14,044 and 15,231 shares of common stock, respectively.

Share Repurchase Program — On February 20, 2023, the Company’s Board of Directors approved a share repurchase program of up to an aggregate $250.0 million of common stock of the Company. Under the share repurchase program, repurchases may occur in any number of methods depending on timing, market conditions, regulatory requirements, and other corporate considerations. The share repurchase program has no specified expiration date.

On March 3, 2023, the Company purchased 2,475,166 shares of common stock under the share repurchase program for an average share price of $30.30, totaling $75.0 million, which repurchased shares became treasury stock. As of June 30, 2023, the Company is authorized to repurchase up to an aggregate $175.0 million of common stock of the Company.