Item 8.01. Other Events.
On May 13, 2026, the Board of Directors approved a stock repurchase program pursuant to which the Company is authorized to repurchase up to $40,000,000 of its common stock. The program will commence following expiration of the Company's current stock repurchase program.
The Company may repurchase shares from time to time in open market or privately negotiated transactions, including pursuant to Rule 10b-18 and Rule 10b5-1 plans, or by other means in accordance with applicable securities laws. The program does not obligate the Company to acquire any specific number of shares, and may be modified, suspended, or discontinued at any time. Repurchases will depend on the Company's business strategy, market conditions, liquidity requirements, contractual restrictions, and other factors.