Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 9—Subsequent Events

The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The Company evaluated subsequent events through the date and time its unaudited condensed consolidated financial statements were issued.

On October 3, 2024, the Company entered into and executed a Stock Purchase Agreement with the living trust of one of the Company’s largest shareholders under which the Company repurchased 37,990 shares of common stock of the Company at a cost of $34.8 million. At the time of purchase, this transaction represented the repurchase of 5.15% of the Company’s outstanding shares of common stock. The Company’s total shares of common stock outstanding were reduced from 737,987 as of October 2, 2024 to 699,997 shares as a result of this transaction. The common stock was repurchased under the Company’s $55.0 million share repurchase program which after the aforementioned transaction has approximately $20.1 million remaining which expires on December 31, 2026.