Annual report pursuant to Section 13 and 15(d)

Note 13 - Stockholders' Equity

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Note 13 - Stockholders' Equity
 12 Months Ended
Nov. 30, 2024
Notes to Financial Statements  
Equity [Text Block]

13.

STOCKHOLDERS’ EQUITY

 

Stock Buyback Plan

 

On July 31, 2024, the Company's Board of Directors approved a plan to buy back up to $10 million worth of shares of Common Stock (the “Stock Buyback Program”). The Company's Stock Buyback Plan is intended to return capital to shareholders and to minimize the dilutive impact of stock options and other sharebased awards. The Stock Buyback Program will expire on the sooner of the two-year anniversary of its initiation or until we reach the aggregate limit of $10 million for the repurchases under the program. The repurchased shares are recorded as part of treasury stock and are accounted for under the cost method. In the twelve months ended November 30, 2024, we repurchased 0.3 million shares of common stock for $3.8 million.

 

The following table summarizes repurchases made during the fiscal year ended November 30, 2024:

 

   

Number of

            

Average Cost

  
   

Shares

    

Cost of Shares

    

per Share

  

Shares purchased - March 2024

     21,905     $ 253,003     $ 11.6  

Shares purchased - August 2024

     291,141       2,994,296       10.3  

Shares purchased - September 2024

     506       5,695       11.3  

Shares purchased - October 2024

     35,678       499,997       14.0  

Total

     349,230     $ 3,752,991     $ 10.7  

 

 

 In March 2024, 21,905 units were repurchased by the Company for $0.3 million for shares withheld to pay the payroll tax liability of the vesting RSUs and treated as treasury stock.