Shareholders' Equity |
9 Months Ended |
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Jun. 30, 2025 | |
Equity [Abstract] | |
Shareholders’ Equity | Note 15 - Shareholders' Equity Common Stock Holders of our common stock are entitled to receive dividends when and as declared by our Board of Directors and have the right to one vote per share on all matters requiring shareholder approval. On June 9, 2016, our Board of Directors voted to eliminate the quarterly cash dividend on our common stock. Preferred Stock As of June 30, 2025 and September 30, 2024, no shares of the Series A Convertible Preferred Stock with a $0.0001 par value each (“Series A Preferred Stock”) remain outstanding. On December 18, 2023, we entered into a preferred stock repurchase agreement, pursuant to which we repurchased 33,300 shares of Series A Preferred Stock for an aggregate purchase price of $11.3 million. Following the repurchase of those shares, all remaining outstanding shares of Series A Preferred Stock were converted into Common Stock and we made a final dividend payment of $1.1 million to the Series A Preferred Stock holders of record as of December 18, 2023. As a result of the conversion, the aggregate 642,585 remaining shares of Series A Preferred Stock outstanding were converted into 19,296,843 shares of Common Stock. No shares of the Series A Preferred Stock remain outstanding and all rights of the holders to receive future dividends have been terminated as of the December 18, 2023 conversion date. For further discussion, see Note 18 on “Shareholders’ Equity” included in our 2024 Annual Report on Form 10-K. Share Repurchase Program On December 10, 2020, our Board of Directors authorized a share repurchase plan that would allow for the repurchase of up to $35.0 million of our common stock in the open market or through privately negotiated transactions. This share repurchase plan replaced the previously authorized plan from fiscal 2012. We have not repurchased any shares under the $35.0 million share repurchase program, including during the nine months ended June 30, 2025 or 2024.
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