Note 6 - Stockholders' Equity |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Notes to Financial Statements | |
| Equity [Text Block] |
6. STOCKHOLDERS’ EQUITY
Stock Repurchase Program
On April 15, 2024, the Board of Directors adopted a stock repurchase program (the “2024 Program”) to repurchase up to $40.0 million of the Company’s common stock both on the open market and in privately negotiated transactions, including through Rule 10b5-1 plans, from time to time, over the next years from the adoption date. The Company repurchased a total of 12,500 shares under the 2024 Program at an average price of $19.55 per share for an aggregate total price of $0.2 million. The 2024 Program expired on April 14, 2026.
In May 2026, the Board Directors adopted a new stock repurchase program (the “2026 Program”) to repurchase up to $50.0 million of the Company’s common stock both on the open market and in privately negotiated transactions, including through Rule 10b5-1 plans, from time to time, over the next years from the adoption date. As of June 30, 2026, $50.0 million remained available under the 2026 Program.
Secondary Offering
On May 13, 2026, the Company entered into an underwriting agreement with Morgan Stanley & Co. LLC, as representative of the several underwriters named therein (collectively, the “Underwriters”), and Advantest America, Inc. (the “Selling Stockholder”) in connection with (i) the offering, issuance and sale by the Company of 1,946,630 shares of the Company’s common stock, $0.00015 par value per share, including 685,246 shares sold pursuant to the Underwriters’ full exercise of their option to purchase additional shares, and (ii) the offering and sale by the Selling Stockholder of 3,306,924 shares of the Company’s common stock, at an offering price of $44.00 per share, less underwriting discounts and commissions (collectively, the “Offering”). The Offering closed on May 15, 2026. The Offering was made pursuant to an effective shelf registration statement on Form S-3 filed with the SEC. The net proceeds to the Company from the sale of shares of newly issued common stock were approximately $81.8 million, after deducting $3.9 million of underwriting discounts and commissions. The Company did receive any proceeds from the sale of shares by the Selling Stockholder. |