Company: PAMT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007273
Chunk: 185

Company: PAMT CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1A
Chunk 185
---
 voting rights.
    
   Preferred Stock
    
   Preferred stock  may be issued from time to time by our Board of Directors, without stockholder approval, in such series and with such preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications or other provisions, as  may be fixed by the Board of Directors in the resolution authorizing their issuance. The issuance of preferred stock by the Board of Directors could adversely affect the rights of holders of shares of common stock; for example, the issuance of preferred stock could result in a class of securities outstanding that would have certain preferences with respect to dividends and in liquidation over the common stock, and that could result in a dilution of the voting rights, net income per share and net book value of the common stock. As of  December 31, 2024, we have no agreements or understandings for the issuance of any shares of preferred stock.
    
   Treasury Stock
    
   The Company’s stock repurchase program has been extended and expanded several times, most recently in  July 2023, when the Board of Directors reauthorized 500,000 shares of common stock for repurchase under the initial  September 2011 authorization. The Company repurchased 1,050 shares and 169,093 shares of its common stock under this program during 2024 and 2023, respectively. As of  December 31, 2024, there remain 474,016 shares of common stock authorized under this plan.
    
   On  April 24, 2024, the Company commenced a tender offer to repurchase up to 550,000 shares of the Company’s outstanding common stock at a price of not greater than $18.00 nor less than $15.50 per share. Following the expiration of the tender offer on  May 22, 2024, the Company accepted 284,206 shares of its common stock for purchase at $18.00 per share, at an aggregate purchase price of approximately $5.1 million, excluding fees and expenses related to the offer. The Company funded the purchase of the accepted shares tendered with available cash and accounted for the repurchase of these shares as treasury stock on the Company’s condensed consolidated balance sheet as of  December 31, 2024.
    
   The Company accounts for Treasury stock using the cost method, and as of  December 31, 2024, 581,586 shares were held in the treasury at an aggregate