How many shares of its common stock did Noodles & Company repurchase during 2023?
Noodles_Company Franchise · 2025 FDDAnswer from 2025 FDD Document
$5.0 million of the Company’s Class A common stock. Under this program, the Company purchased shares of the Company's Class A common stock in the open market. The Company conducted any open market share repurchase activities in compliance with the safe harbor provisions of Rule 10b-18 of the Exchange Act. During 2023 , the Company repurchased 1,731,952 shares of its common stock for approximately $5.0 million in open market transactions at an average price of $2.86 per share. Share repurchases were accounted for under the retirement method and all repurchased shares were retired and cancelled. The excess of the purchase price over the par value of the shares was recorded as a reduction in additional paid-in capital. The 2023 Share Repurchase Program and the remaining diminimus balance was cancelled by the Company’s Board of Directors in the fourth quarter of 2023.
Source: Item 23 — RECEIPT (FDD pages 99–350)
What This Means (2025 FDD)
According to Noodles & Company's 2025 Franchise Disclosure Document, the company repurchased 1,731,952 shares of its Class A common stock during 2023. This repurchase was part of a program where Noodles & Company bought back shares in the open market.
The total cost for these repurchased shares was approximately $5.0 million, with an average price of $2.86 per share. These transactions were conducted in compliance with the safe harbor provisions of Rule 10b-18 of the Exchange Act, which provides a legal framework for companies repurchasing their own stock.
The repurchased shares were accounted for under the retirement method, meaning they were retired and cancelled, reducing the number of outstanding shares. The excess of the purchase price over the par value of the shares was recorded as a reduction in additional paid-in capital. The 2023 Share Repurchase Program, along with any remaining minimal balance, was cancelled by Noodles & Company’s Board of Directors in the fourth quarter of 2023.