Share Repurchase Program

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Share Repurchase Program

Share Repurchase Program

On May 09, 2023, the Company's Board of Directors authorized a share repurchase program (the “Repurchase Program”) for the repurchase of up to $50.0 million of the Company's outstanding common stock through May 15, 2025. The shares may be repurchased from time to time in open market transactions or privately negotiated transactions at the Company's discretion, subject to market conditions and other factors, including regulatory considerations.

The Repurchase Program does not require the Company to purchase a minimum number of shares, and may be suspended, modified or discontinued at any time without prior notice. During the three and six months ended June 30, 2023, the Company repurchased 1.9 million shares of common stock under the Repurchase Program in open market transactions at a weighted-average price of $0.87 per share for an aggregate purchase price of $1.6 million, inclusive of transaction costs. As of June 30, 2023, $48.4 million remained available for future share repurchases under the Repurchase Program.