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Subsequent Event
 9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
Subsequent Event

13. Subsequent Event

 

On November 8, 2022, the Company announced that it plans to launch a tender offer to purchase up to $120.0 million in value of shares of its common stock at a price not greater than $20.50 nor less than $23.50 per Share, to the seller in cash, less any applicable withholding taxes and without interest.

The Company will conduct the tender offer through a procedure commonly called a modified “Dutch auction.” This procedure will allow stockholders to select the price, within the specified price range, at which stockholders are willing to sell their shares. The tender offer will only be made pursuant to the offer to purchase, the related letter of transmittal and the other tender offer materials which the Company will file with the Securities and Exchange Commission.

The tender offer will be made pursuant to the Company’s increased share repurchase authorization which was increased by $120.0 million subsequent to September 30, 2022. The Company intends to pay for the shares repurchased in the tender offer with a combination of cash on hand and cash borrowed under the Credit Facility.