Company: SWAGW
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0001213900-25-021742
Chunk: 208

Company: Stran & Company, Inc.
Filing Date: 2025-03-07
Form: 10-Q
Item: Part I, Item 2
Chunk 208
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 September
30, 2023. The increase in net cash used in financing activities was primarily due to reduced payments of contingent earn-out liabilities
and increased payments of installment payment liabilities.

Stock
Repurchase Program

As initially
announced on February 23, 2022, under our stock repurchase program, we may repurchase up to $10.0 million of our outstanding shares of
common stock from time to time in the open market, in accordance with all applicable securities laws and regulations, including Rule 10b-18
as promulgated under the Exchange Act (“Rule 10b-18”). Our decision to repurchase our
shares, as well as the timing of such repurchases, will depend on a variety of factors that include ongoing assessments of our capital
needs, market conditions and the price of our common stock, and other corporate considerations, as determined by management. Repurchases
will also only be made in accordance with the Company’s insider trading policy as if such purchases were made by a person covered
by the policy. Our insider trading policy generally permits insider purchases of our stock only during the period beginning on the second
business day following the day of public release of our quarterly or annual earnings and ending on the last day of the then-current quarter.
There is no defined number of shares to be repurchased over a specified timeframe through the life of the stock repurchase program. The
repurchase authorization has no expiration date but may be suspended or discontinued at any time. Stock repurchases are paid using
cash generated by operations.

In connection
with our stock repurchase program, on May 23, 2022, we announced that we had established a trading plan with B. Riley intended to qualify
under Rule 10b-18 (the “Rule 10b-18 Plan”). In May 2023, we renewed the Rule 10b-18 Plan. The Rule 10b-18 Plan was terminated
in June 2024.

During the three months ended September 30, 2024,
we did not repurchase any shares.

41

Debt

On November
22, 2021, we entered into the Revolving Demand Line of Credit Loan Agreement, dated as of November 22, 2021 (the “Initial Loan Agreement”),
between the Company and Salem Five Cents Savings Bank, a Massachusetts savings bank (“Salem Five Cents“),
for a revolving line of credit (the “Revolving Line of Credit”)