Quarterly report pursuant to Section 13 or 15(d)

Note 14 - Stockholders' Equity

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Note 14 - Stockholders' Equity
 9 Months Ended
Jul. 31, 2023
Notes to Financial Statements  
Equity [Text Block]

Note 14. Stockholders’ Equity

 

Share Repurchase Program

 

In January 2023, the board of directors of the Company approved a $10.0 million increase to the Company’s share repurchase program. This authorization will expire on March 31, 2024 and is in addition to the repurchase authorization of up to $10.0 million through June 15, 2023 that was previously approved in June 2022. The repurchase program permits shares to be repurchased in the open market, by block purchase, in privately negotiated transactions, in one or more transactions from time to time, or pursuant to any trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”). Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Exchange Act and other applicable legal and regulatory requirements. The repurchase program may be suspended, terminated, extended or otherwise modified by the Board without notice at any time for any reason, including, without limitation, market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, capital and liquidity objectives, and other factors deemed appropriate by the Company's management.

 

The following table summarizes the shares repurchased, total cost of shares repurchased and average price per share for the three and nine months ended July 31, 2023:

 

   

Three Months Ended July 31,

    

Nine Months Ended July 31,

  

(in thousands, except price per share)

  

2023

    

2023

  

Shares repurchased

     199       1,299  

Total cost of shares repurchased

   $ 1,394     $ 8,642  

Average price per share

   $ 7.01     $ 6.65