Annual report pursuant to Section 13 and 15(d)

Note 13 - Stockholders' Equity

v3.24.0.1
Note 13 - Stockholders' Equity
 12 Months Ended
Nov. 30, 2023
Notes to Financial Statements  
Equity [Text Block]

13.

STOCKHOLDERS’ EQUITY

 

Authorized Shares

 

At the Company's 2022 annual meeting of stockholders held on June 17, 2022 (the "Annual Meeting"), the Company's stockholders approved a decrease in the amount of authorized common stock from 300,000,000 to 50,000,000.  The decrease became effective upon filing of a Certificate of Amendment to the Company's Certificate of Incorporation on June 17, 2022.    

 

Stock Buyback Plan

 

On February 15, 2022, the Company's Board of Directors approved a plan to buy back up to $10.0 million worth of shares of the Company's common stock from the open market (“Stock Buyback Plan”).  The Company's Stock Buyback Plan was used to return capital to shareholders and to minimize the dilutive impact of stock options and other share-based awards.  The Company completed the full $10.0 million for the repurchases under the Stock Buyback Plan during March 2022. 

 

On April 28, 2022, the Company's Board of Directors approved a plan to buy back up to an additional $5.0 million worth of shares of the Company's common stock.  The Company completed the full $5.0 million repurchase of shares during May 2022.   

 

On October 6, 2022, the Company's Board of Directors approved a plan to buy back up to an additional $2.5 million worth of shares of the Company's common stock.  The Company completed the full $2.5 million repurchase of shares during November 2022.

 

No repurchases were made during the fiscal year ended November 30, 2023.  The following table summarizes repurchases made during the fiscal year ended November 30, 2022:

 

   

Number of

            

Average Cost

  
   

Shares

    

Cost of Shares

    

per Share

  

Shares purchased - February 2022

     296,168     $ 2,653,571     $ 9.0  

Shares purchased - March 2022

     754,081       7,346,422       9.7  

Shares purchased - May 2022

     729,709       4,999,993       6.9  

Shares purchased - October 2022

     324,992       2,065,076       6.4  

Shares purchased - November 2022

     61,037       434,920       7.1  

Total

     2,165,987     $ 17,499,982     $ 8.1