SHARE CAPITAL

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

SHARE CAPITAL

SHARE CAPITAL

Ordinary Shares

The following table is a summary of changes in ordinary shares issued and outstanding for the nine months ended September 30, 2024 and 2023:

	2024	2023
	Ordinary	Ordinary	Class A	Class B
Balance – beginning of period	35,336,732	—	28,569,346	6,254,715
Issue of shares, net of forfeitures	43,163	65,394	447,952	—
Repurchase of shares	(547,402)	—	—	—
Re-designate Class B to Class A shares	—	—	6,254,715	(6,254,715)
Reclassify Class A to Ordinary shares	—	35,272,013	(35,272,013)	—
Balance – end of period	34,832,493	35,337,407	—	—

The Company’s authorized share capital is 125,000,000 ordinary shares, par value of $0.10 per share.

On July 25, 2023, at the Company’s Annual General Meeting the shareholders approved the re-designation of Class B ordinary shares as Class A ordinary shares, and then reclassified Class A ordinary shares as “ordinary shares”, resulting in the elimination of the dual-class share structure.

At September 30, 2024, the Company has an effective Form S-3 registration statement on file with the SEC for an aggregate principal amount of $200.0 million in securities.

Share Repurchase Plan

On May 3, 2024, the Board of Directors re-approved the share repurchase plan, until June 30, 2025, authorizing the Company to repurchase up to $25.0 million of ordinary shares or securities convertible into ordinary shares in the open market, through privately negotiated transactions or Rule 10b5-1 stock trading plans. Any shares repurchased are canceled immediately upon repurchase. For the three and nine months ended September 30, 2024, the Company repurchased 547,402 ordinary shares for $7.5 million.

Preferred Shares

The Company’s authorized share capital also consists of 50,000,000 preference shares with a par value of $0.10 each. At September 30, 2024, the Company has no issued and outstanding preferred shares.