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STOCKHOLDERS’ EQUITY
12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
STOCKHOLDERS’ EQUITY STOCKHOLDERS’ EQUITY
Repurchases of Common Stock
On November 9, 2023, the Board approved a stock repurchase program (the “Repurchase Program”) for up to $20.0 million of the Company's common stock, subject to a cap of 5,800,000 shares of common stock. The Repurchase Program has no time limit and does not require the repurchase of a minimum number of shares. The common stock may be repurchased on the open market, in block trades, or in privately negotiated transactions, including under plans complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the Exchange Act.
Stock repurchases during the year ended December 31, 2024, all of which were purchased pursuant to the Repurchase Program, were as follows:
Total Number
of Shares
Purchased
Average
Price
paid per
Share
Approximate Dollar
Value of Shares that
May Yet be Purchased
under the Program
(In thousands)
August 1, 2024 - August 31, 2024676,775 $4.68 $16,833 
September 1, 2024 - September 30, 2024860,347 $4.72 $12,769 
Total repurchases in the quarter1,537,122 $4.70 
October 1, 2024 - October 31, 20241,175,872 $4.64 $7,310 
November 1, 2024 - November 29, 2024798,398 $4.50 $3,721 
December 3, 2024 - December 27, 2024846,969 $4.50 $— 
Total repurchases in the quarter2,821,239 $4.56 
Total program repurchases4,358,361 $4.61 
Tax Benefits Preservation Charter Provision
The Company has a provision in its Amended and Restated Certificate of Incorporation, as amended (the “Charter Provision”) which generally prohibits transfers of its common stock that could result in an ownership change. The purpose of the Charter Provision is to protect the Company’s ability to utilize potential tax assets, such as net operating loss carryforwards and tax credits to offset potential future taxable income.