
	June 30, 2026	June 30, 2025

	(in thousands except per share data)
Opening balance	174,049	125,219
Equity instruments issued to management and directors1	7,559	2,610
Convertible note conversion	—	100
Share issuance	78,635	48,399
Share repurchase	(9,391)	-
Share issuance costs	(3,083)	(2,279)
Ending balance	247,769	174,049

In August 2025, our Board of Directors authorized a $20 million share repurchase program pursuant to which the Company could repurchase up to $20 million of its outstanding shares of Common Stock. The share repurchase program expired on August 30, 2026. Under the share repurchase program, the Company could repurchase shares of Common Stock from time-to-time in the open market or in privately negotiated transactions, accelerated share repurchase arrangements, or other methods permitted under applicable securities laws in compliance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended.

1The equity-based premium reserve is used to record the value of equity issued to raise capital, and for stock-based payments.