Quarterly report pursuant to Section 13 or 15(d)

Stockholders??? Equity

v3.23.1
Stockholders’ Equity
 6 Months Ended
Apr. 02, 2023
Equity [Abstract]  
Stockholders’ Equity

Note 7 - Stockholders’ Equity

 

Dividends

 

No dividends were declared or paid during the three and six months ended April 2, 2023 and the twelve months ended October 2, 2022.

 

Common stock

 

 

On September 22, 2021, the Company announced authorization for a $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 and six months ended April 2, 2023, there were zero common shares repurchased under the program. A summary of the purchases under the program through October 2, 2022 follows (All shares purchased have been cancelled):

 

Fiscal Period   Total number of shares purchased    

Total purchase cost

(thousands)

     Average price paid per share (with commission)    

Maximum dollar value that may yet be purchased under the plan

(thousands)

  
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 period 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 $0.1 million. The shares were immediately cancelled upon completion of the transaction.

 

As of April 2, 2023 and October 2, 2022, total outstanding common shares were 6,723,070 and 6,716,638, respectively. As of April 2, 2023 and October 2, 2022, there were zero shares held in Treasury.