Note 16 - Share Repurchase |
6 Months Ended | ||
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Jun. 30, 2026 | |||
| Notes to Financial Statements | |||
| Equity [Text Block] |
In May 2024, the Company agreed to implement a share repurchase program for an aggregate purchase price of $40.0 million to occur as follows: (i) first $15.0 million was effected through a Rule 10b5-1 Plan initiated prior to June 1, 2024, and to be effective through June 30, 2025, and (ii) the remaining amount to be purchased in the open market through June 2026. In the event of positive “free cash flow” as defined in the Cooperation Agreement dated May 28, 2024, with Caligan Partners LP, Caligan Partners Master Fund LP and David Johnson, for the period from July 1, 2024 through June 30, 2025, the amount under the share repurchase program shall be increased by 50% of such positive amount. In no event would the company be required to make any purchases in the event that the Company’s cash would be less than $45.0 million after taking into account the share repurchase and reasonably anticipated capital expenditures and restructuring costs.
On May 28, 2024, the Company entered into a share repurchase agreement for $15.0 million under a Rule 10b5-1 Plan with Bank of America. On November 6, 2025, the Company entered into a share repurchase agreement under a Rule 10b5-1 Plan with Clear Street LLC for another $15.0 million related to the 2024 Share Repurchase Program. As of June 30, 2026, the Company had repurchased 2,139,944 shares at a cost of $30.0 million and is no longer actively repurchasing stock.
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