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Note 17 - Shareholders' Equity
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Equity [Text Block]

NOTE 17 Shareholders' Equity

 

During the three and six months ended  June 30, 2023, 30,000 and 149,733 Class A Preferred Shares ("Preferred Shares"), respectively, were converted into 187,500 and 935,831 common shares, respectively.  As a result, during the three and six months ended  June 30, 2023, $1.2 million and $6.1 million, respectively, was reclassified from redeemable Class A preferred stock to additional paid-in capital on the consolidated balance sheet.  There are no Preferred Shares outstanding at June 30, 2024 and  December 31, 2023.

 

On March 21, 2023, the Company's Board of Directors approved a security repurchase program under which the Company is authorized to repurchase up to $10.0 million of its currently issued and outstanding securities through March 22, 2024.  On March 22, 2024, the Company entered into a one year extension of its existing share repurchase program. As amended, the share repurchase program will now expire on March 21, 2025.  The timing and amount of any repurchases are determined based on market and economic conditions, share price and other factors, and the program may be terminated, modified or suspended at any time at the Company's discretion. During the three and six months ended  June 30, 2024, the Company repurchased 110,550 and 118,550 shares, respectively, of common stock for an aggregate purchase price of approximately $0.9 million and $1.0 million, respectively.  During the three and six months ended  June 30, 2023, the Company repurchased, in the aggregate, zero and 564,970 shares, respectively, of common stock and warrants to purchase common stock for an aggregate purchase price of approximately $2.1 million, including fees and commissions.  The repurchased common stock will be held as treasury stock at cost and has been removed from common shares outstanding as of June 30, 2024. 

 

The Company previously had warrants outstanding that expired on September 15, 2023. Prior to the expiration thereof, the warrants were recorded in shareholders' equity and entitled each subscriber to purchase one common share of Kingsway at an exercise price of $5.00 for each warrant. During the three and six months ended  June 30, 2023, warrants to purchase 53,101 and 1,311,941 shares of common stock, respectively, were exercised, resulting in cash proceeds of $0.3 million and $6.6 million, respectively.  Any warrants that were not exercised prior to the expiration date became null and void on the expiration date.