Company: SWAGW
Filing Date: 2025-02-11
Form Type: 10-Q
Source: 0001213900-25-011872
Chunk: 48

Company: Stran & Company, Inc.
Filing Date: 2025-02-11
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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 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. In May 2023,
we renewed the trading plan. The trading plan instructs B. Riley to repurchase shares of common stock for our account in accordance with
Rule 10b-18 and our instructions. Repurchases under the trading plan may continue until the trading plan terminates in June 2024 unless
terminated earlier or extended.

As of March 31, 2024, we had repurchased
a total of 1,815,166 shares of common stock for total payments of approximately $3.4 million, and approximately $6.6 million remained
available under the stock repurchase program for future stock repurchases. During the three months ended March 31, 2024, we did not repurchase
any shares.

Debt

On November 22, 2021,
we entered into the Initial Loan Agreement with Salem Five Cents, for the Revolving Line of Credit, consisting of aggregate loans of
up to $7.0 million, evidenced by the Demand Note. The Revolving Line of Credit and the Demand Note were secured by a first priority security
interest in all assets and property of the Company,