Quarterly report pursuant to Section 13 or 15(d)

Stockholders??? Equity

v3.22.4
Stockholders’ Equity
 3 Months Ended
Jan. 01, 2023
Equity [Abstract]  
Stockholders’ Equity

Note 7 - Stockholders’ Equity

 

Dividends

 

As of the three months ended January 1, 2023 and the twelve months ended October 2, 2022, there were no declared or outstanding dividends payable.

 

Common stock

 

On June 8, 2020 the Company announced authorization for a $1 million stock repurchase program. As of September 27, 2020 there were 105,733 shares held in treasury purchased under the June 2020 stock repurchase program. The Company purchased a total of 519,266 common shares against the program through April 2021, which were subsequently cancelled in June 2021.

 

On September 22, 2021 the Company announced authorization for an additional $1 million stock repurchase program. The shares authorized to be repurchased under the repurchase program may be purchased from time to time at prevailing market prices, through open market transactions or in negotiated transactions, depending upon market conditions and subject to Rule 10b-18 as promulgated by the SEC.

 

 

During the three months ended January 1, 2023, there were zero common shares repurchased under the program. All shares purchased have been cancelled. A summary of the purchases under the program follows:

 

Fiscal Period  

Total number

of shares

purchased

    

Total

purchase cost

    

Average price

paid per
share

(with
commission)

    

Maximum
dollar

value that
may

yet be
purchased

under the
plan

  
                         
                         
October 4, 2021 through October 31, 2021     18,265     $ 37     $ 2.01     $ 894  
November 1, 2021 through November 28, 2021     4,415       9       2.04       885  
November 29, 2021 through January 2, 2022     14,558       28       1.93       857  
January 3, 2022 through January 30, 2022     15,585       29       1.89       828  
January 31, 2022 through February 27, 2022     27,618       49       1.75       779  
February 28, 2022 through April 3, 2022     35,530       70       1.98       709  
April 4, 2022 through May 1, 2022     12,304       27       2.22       682  
May 2, 2022 through May 29, 2022     10,482       22       2.11       660  
May 30, 2022 through July 3, 2022     49,657       95       1.90       565  
July 4, 2022 through July 25,2022     610       1       2.10       564  
July 26, 2022 through August 13, 2022     1,930       4       2.09       560  
Total shares repurchased for twelve months ended October 2, 2022     190,954     $ 371     $ 1.94     $ 560  

 

Furthermore, on August 18, 2022, the Company announced the commencement of a tender offer to purchase up to $4.25 million in value of shares of its common stock. On September 15, 2022, the Company’s “modified Dutch auction” tender offer expired. In accordance with the terms and conditions of the tender offer, the Company accepted for purchase 1,603,773 shares of common stock at a price of $2.65 per share, for an aggregate cost of approximately $4.25 million, excluding fees and expenses relating to the tender offer. The transaction cost associated with the tender offer was $111 thousand. The shares were immediately cancelled upon completion of the transaction.

 

As of October 2, 2022, and January 1, 2023, the total issued and outstanding common shares were 6,716,638 and 6,763,070, respectively. As of October 2, 2022, and January 1, 2023 there were zero shares held in Treasury.