SUBSEQUENT EVENTS

3 Months Ended

Nov. 30, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Dividend Declared

On Wednesday, January 4, 2023, our Board of Directors declared a quarterly cash dividend of $0.06 per share to our shareholders. The dividend in the amount of approximately $1.2 million will be distributed on Monday, February 6, 2023, for shareholders of record as of Monday, January 30, 2023.

Authorization of Share Repurchase Program

On December 29, 2022, our Board of Directors authorized and approved a share repurchase program for up to $50 million of the outstanding shares of our common stock. The authorization permits the Company to repurchase shares of our common stock from time-to-time through a combination of open market repurchases, privately negotiated transactions, 10b5-1 trading plans, accelerated stock repurchase transactions and/or other transactions, in accordance with federal securities laws. No time limit was set for the completion of the share repurchase program, and the stock repurchase program may be modified, extended, suspended or discontinued at any time, in the sole discretion of the Company. The exact means, number and timing of share repurchases will depend on market conditions, applicable legal requirements and other factors, and will be funded through available cash balances. We are not obligated to repurchase any shares under the repurchase program.

Our Board of Directors also authorized the Company to enter into an accelerated share repurchase transaction (“ASR”) for the repurchase of up to $20 million of our outstanding common shares as part of the new share repurchase program.