Motorcar Parts of America (MPAA) said Thursday that it has adopted a trading plan under rule 10b5-1 of the US Securities and Exchange Commission for share buybacks under its current $37 million program.
The company said $16.2 million was available through the program as of Dec. 31.
Motorcar said that, as disclosed in its 10-Q filing for fiscal Q3, it bought back 268,130 shares for $2.1 million during the open trading window at an average share price of $7.82.
The 10b5-1 plan will allow the company to buy back shares when it would otherwise be restricted from purchases due to blackout periods or possession of material non-public information, Motorcar said.
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