Subsequent Events |
9 Months Ended |
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Sep. 30, 2025 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events Stock Repurchase Program
On June 3, 2025, the Board of Directors approved the 2025 SRP to repurchase up to $5.0 million of common stock of the Company, par value $0.001 per share, from time to time until June 3, 2027 or such other date as the Company has exhausted, or the Board of Directors otherwise terminates, the repurchase authorization. The timing, volume, price, and terms of the repurchases will depend on market and business conditions, applicable legal requirements, and other factors. The repurchases may be made on the open market, in privately negotiated transactions, or in such other manner (e.g., accelerated share repurchase transactions, block trades, derivatives, or otherwise) that complies with the terms of applicable federal and state securities laws and regulations.
During the third quarter of 2025, the Company repurchased 227,810 shares of its common stock for approximately $2.3 million. Shares repurchased during the third quarter of 2025 represented 1.5% of outstanding common stock at June 30, 2025. All shares of common stock that were repurchased are held as treasury stock. As of September 30, 2025, the Company had a remaining $2.7 million authorized for repurchasing shares of our common stock under the 2025 SRP.
Subsequent to September 30, 2025, the Company purchased an additional 312,571 shares of common stock through October 21, 2025, completing the repurchase of $5.0 million under the 2025 SRP as originally authorized.
On November 4, 2025, the Board of Directors authorized an additional $12.0 million under the 2025 SRP and extended the repurchase date through November 4, 2027.
Divestitures On November 2, 2025, the Company entered into an Asset Purchase Agreement (the “Elite Chiro Group Purchase Agreement”) with Elite Chiro Group, a California corporation (“Elite Chiro Group”), as buyer, and Gadi Emein, an individual (“Emein”), as guarantor, pursuant to which the Company will sell to Elite Chiro Group the assets of, and grant franchise rights to, 45 company-owned or managed clinics located in Southern California (the “Elite Chiro Group Transaction”) for an aggregate purchase price of $4.5 million, subject to certain adjustments.
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