v3.22.4
Stock Purchase Plan
 6 Months Ended
Dec. 25, 2022
Stock Purchase Plan [Abstract]  
Stock Purchase Plan

Note C - Stock Purchase Plan

On May 23, 2007, the Company’s board of directors approved a stock purchase plan (the “2007 Stock Purchase Plan”) authorizing the purchase on our behalf of up to 1,016,000 shares of our common stock in the open market or in privately negotiated transactions. On June 2, 2008, the Company’s board of directors amended the 2007 Stock Purchase Plan to increase the number of shares of common stock the Company may repurchase by 1,000,000 shares to a total of 2,016,000 shares. On April 22, 2009, the Company’s board of directors amended the 2007 Stock Purchase Plan again to increase the number of shares of common stock the Company may repurchase by 1,000,000 shares to a total of 3,016,000 shares. On June 28, 2022, the Company’s board of directors amended the 2007 Stock Purchase Plan again to increase the number of shares of common stock the Company may repurchase by 5,000,000 shares to a total of 8,016,000 shares. The 2007 Stock Purchase Plan does not have an expiration date.

The following table furnishes information for purchases made pursuant to the 2007 Stock Purchase Plan during fiscal 2023:

Period
  
Total Number
of Shares
Purchased
    
Average Price
Paid Per Share
    
Total Number of
Shares Purchased
as Part of Publicly
Announced Plan
    
Maximum Number
of Shares that May
Yet Be Purchased
Under the Plan
  
June 27, 2022 - July 31, 2022
    
891,350
    
$
1.20
      
3,552,399
      
4,463,601
  
August 1, 2022 - August 28, 2022
    
219,541
      
1.35
      
3,771,940
      
4,244,060
  
August 29, 2022 - September 25, 2022
     0
       0
      
3,771,940
      
4,244,060
  
September 26, 2022 - October 30, 2022     0       0       3,771,940       4,244,060  
October 31, 2022 - November 27, 2022     0       0       3,771,940       4,244,060  
November 28, 2022 - December 25, 2022     2,246,086       1.60       6,018,026       1,997,974  
Total
    
3,356,977
    
$
1.48
                  

The Company’s ability to purchase shares of our common stock is subject to various laws, regulations and policies as well as the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Company may also purchase shares of our common stock other than pursuant to the 2007 Stock Purchase Plan or other publicly announced plans or programs.

On December 21, 2022, the Company entered into a Stock Purchase Agreement with Hallmark Financial Services, Inc. (“Hallmark”) pursuant to which the Company purchased from certain direct or indirect subsidiaries of Hallmark an aggregate of 2,246,086 shares of the Company’s common stock at a price of $1.60 per share, resulting in an aggregate purchase price of $3,593,738. The price per share represented the average closing price of the Company’s common stock on the Nasdaq Capital Market for the preceding 15 trading days. The transaction was approved by the Audit Committee of the Company, which consists of all of the independent directors of the Company. The Chairman of the Company, Mark E. Schwarz, who is also the Executive Chairman and Chief Executive Officer of Hallmark, recused himself from all deliberations with respect to the Stock Purchase Agreement with Hallmark.