Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Our common stock trades on the Nasdaq Global Select Market under the symbol ACLS. As of February 23, 2021, we had approximately 811 stockholders of record.
In December 2019, the Board approved stock repurchases of up to $50 million of our common stock through the end of 2020. This program was suspended at the end of the first quarter of 2020, in light of uncertainties arising from the global COVID-19 pandemic. The following table summarizes the stock repurchase activity for the 12 months ended December 31, 2020 and the approximate dollar value of shares that may yet be purchased pursuant to our stock repurchase program:
Total Number of Shares Purchased
Average Price Paid per Share
Total Number of Shares Purchased as Part of Publicly Announced Program
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
(in thousands except per share amounts)
March 1, 2020 through March 31, 2020
358
$20.92
358
$
-
Total
358
358
On January 12, 2021, we announced that our Board of Directors authorized a one-year share repurchase program of up to $100 million of our common stock. Our stock repurchases may be effected from time to time through open market purchases or pursuant to a Rule 10b5-1 plan. The pace of our repurchase activity will depend on factors such as our working capital needs, our cash requirements for business development, our stock price, and economic and market conditions. We have no obligation to repurchase shares under the authorization and we may suspend or discontinue the repurchase program at any time.
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We maintain three equity compensation plans, the 2000 Stock Plan (which was terminated as to new grants on May 1, 2012), the 2012 Equity Incentive Plan (the “2012 Equity Plan”) and the 2020 Employee Stock Purchase Plan. The number of shares issuable upon exercise of outstanding options and unvested restricted stock units granted to employees and non-employee directors, as well as the number of shares remaining available for future issuance, under our equity compensation plans as of December 31, 2020 are summarized in the following table:
(A)
(B)
(C)
Plan category
Number of shares to be issued upon exercise of outstanding options, warrants and rights (1)
Weighted ‑ average exercise price of outstanding options, warrants and rights (2)
Number of shares remaining available for future issuance under equity compensation plans (excluding shares reflected in column (A)) (3)
Equity compensation plans approved by stockholders
1,596,363
$ 3.14
2,914,682
Equity compensation plans not approved by stockholders
—
NA
NA
Total
1,596,363
2,914,682
Weighted average exercise price of outstanding options at December 31, 2020
$9.93
Weighted average remaining term of outstanding options at December 31, 2020
1.14 years
(1) Represents, as of December 31, 2020: (A) 79,125 shares issuable on exercise of outstanding options under the 2000 Stock Plan, plus (B) 425,096 shares issuable on exercise of outstanding options under the 2012 Equity Plan, plus (C) 1,092,142 shares issuable on vesting of outstanding RSUs under the 2012 Equity Plan (some of which will be withheld in respect of tax withholding obligations).
(2) For the purposes of this table, the weighted-average exercise price of outstanding options, warrants and rights includes RSUs as if they had a $0 exercise price. The weighted-average exercise price of outstanding options alone at December 31, 2020 was $9.93.
(3) Represents the total shares available for issuance under our 2012 Equity Plan and our Employee Stock Purchase Plan, as of December 31, 2020, as follows:
(A)
1,934,898 shares were available for future issuance under the 2012 Equity Plan. Such amount represents the total number of shares reserved for issuance under the 2012 Equity Plan (7,762,500 plus shares subject to options or restricted stock units granted under the 2000 Stock Plan that expired unexercised or were forfeited between May 2, 2012 and December 31, 2020), less the shares issuable on options and restricted stock units (counted at 1.5 shares each) outstanding under the 2012 Equity Plan included in column (A)) and the shares issued prior to such date on exercise of options and vesting of restricted stock units granted under the 2012 Equity Plan. This plan is generally used for grants to employees and directors and was approved by our stockholders at our 2012 annual meeting. No shares are available for future issuance under the 2000 Stock Plan, which terminated on May 1, 2012.
(B)
979,784 shares were available under our 2020 Employee Stock Purchase Plan, which represents the total number of shares reserved for issuance under the plan (1,000,000) less the shares purchased through December 31, 2020.
Item 6. Selected Financial Data.
Not required.
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