Repurchase of Common Stock

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Repurchase of Common Stock

10. Repurchase of Common Stock

On May 10, 2022, the Board of Directors authorized the Company to use up to $25.0 million to repurchase Inspired common shares (such amount being exclusive of any fees, commissions or other expenses), subject to repurchases being effected on or before May 10, 2025 (the “Share Repurchase Program”). Management has discretion as to whether to repurchase shares of the Company.

During the nine months ended September 30, 2022, the Company repurchased 1,027,871 shares under the Share Repurchase Program for gross payments of approximately $10.1 million, the bulk of which (1,017,595 shares) were canceled and retired during the nine months ended September 30, 2022, and the remainder (10,276 shares) during the subsequent quarter. As of September 30, 2022, approximately $14.9 million remained available for future repurchases under the Share Repurchase Program.

Refer Part II, Item 2 of this report for further details regarding shares repurchased during the three months ended September 30, 2022.