biote Corp
For the period ended Jun 30, 2024. Filed Aug 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 9, 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.
On January 24, 2024, the Company’s Board of Directors approved a stock repurchase program authorizing the repurchase of up to $20.0 million its outstanding Class A common stock.
The program grants management the authority to repurchase the Company’s Class A common stock in the open market, in privately negotiated transactions or by other means in accordance with applicable state and federal securities laws. The timing of any repurchases under the share repurchase program is at the discretion of management and depends on a variety of factors, including market conditions, contractual limitations and other considerations. The share repurchase program may be expanded, modified, suspended or discontinued at any time, and does not obligate the Company to repurchase any dollar amount or number of shares.
During the three months ended June 30, 2024, the Company purchased 256,043 shares of its Class A common stock, par value $0.0001 per share. As of June 30, 2024, $14.4 million remained available for additional share repurchases. The following table summarizes the purchases of the Company's Class A common stock for the three months ended June 30, 2024:
| Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Approximate dollar value of shares that may yet be purchased under the plans or programs |
|---|---|---|---|---|
| April 1, 2024 - April 30, 2024 | 256,043 | 5.84 | 256,043 | $14,409,661 |
| May 1, 2024 - May 31, 2024 | — | — | — | $14,409,661 |
| June 1, 2024 - June 30, 2024 | — | — | — | $14,409,661 |
| Total | 256,043 | $5.84 | 256,043 |
On April 26, 2024, the Company repurchased 5,075,090 shares of its Class A common stock pursuant to the settlement of the Donovitz Litigation with Dr. Gary S. Donovitz at an average price per share of $4.17.
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