ARKO Corp
For the period ended Mar 31, 2024. Filed May 7, 2024.
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Mar 31, 2024 · Filed May 7, 2024
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Unregistered Sales of Equity Securities, and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table presents our share repurchase activity for the quarter ended March 31, 2024 (dollars in thousands, except per share amounts):
| Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (4) | Maximum Dollar Value that May Yet Be Purchased Under the Plans or Programs (4) |
|---|---|---|---|---|
| January 1, 2024 to January 31, 2024 (1) | 243,173 | $8.10 | 125,457 | $28,008 |
| February 1, 2024 to February 29, 2024 (2) | 370,410 | 7.98 | 150,693 | 26,810 |
| March 1, 2024 to March 31, 2024 (3) | 4,659,752 | 5.79 | 4,534,381 | 655 |
| Total | 5,273,335 | $6.05 | 4,810,531 | $655 |
(1)
In addition to the shares of common stock we purchased under our publicly announced $100 million share repurchase program, we repurchased 118 thousand shares of our common stock at an aggregate cost of $1.0 million, or an average purchase price of $8.35 per share, in connection with the net settlement of shares issued as a result of the vesting of restricted stock units.
(2)
In addition to the shares of common stock we purchased under our publicly announced $100 million share repurchase program, we repurchased 220 thousand shares of our common stock at an aggregate cost of $1.8 million, or an average purchase price of $8.00 per share, in connection with the net settlement of shares issued as a result of the vesting of performance based restricted stock units.
(3)
We repurchased 3.4 million shares of our common stock at a cost of $19.3 million, or a purchase price of $5.66 per share, in connection with the settlement of deferred consideration pursuant to the TEG Purchase Agreement Amendment, under our publicly announced $100 million share repurchase program. In addition to the shares of common stock we repurchased, we repurchased 125 thousand shares of our common stock at an aggregate cost of $0.8 million, or an average purchase price of $6.48 per share, in connection with the net settlement of shares issued as a result of the vesting of restricted stock units.
(4)
Except as noted in footnotes 1, 2 and 3 above with respect to shares repurchased in connection with the vesting of restricted stock units, all of the above repurchases were made on the open market at prevailing market prices plus related expenses under our share repurchase program, which authorizes the repurchase of up to $100 million of our common stock. We publicly announced this program on February 23, 2022 and announced the increased amount authorized to be repurchased on May 16, 2023. In May 2024, we increased the size of our share repurchase program for up to an aggregate of $125.0 million of our outstanding shares of common stock.
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