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
Market Information
Our common stock trades on The Nasdaq Global Select Market under the symbol “ACTG.”
Holders of Common Stock
On March 25, 2022, there were 66 owners of record of our common stock. The majority of the outstanding shares of our common stock are held by a nominee holder on behalf of an indeterminable number of ultimate beneficial owners.
Dividend Policy
On April 23, 2013, we announced that our board of directors approved the adoption of a cash dividend policy that called for the payment of an expected total annual cash dividend of $0.50 per share to holders of our common stock, payable in the amount of $0.125 per share per quarter. On February 23, 2016, our board of directors terminated the company’s dividend policy due to a number of factors, including our financial performance, our available cash resources, our cash requirements and alternative uses of capital that our board of directors concluded would represent an opportunity to generate a greater return on investment for us and our stockholders.
The current policy of our board of directors is to retain earnings, if any, to provide for our growth. Consequently, we do not expect to pay any cash dividends in the foreseeable future. Further, there can be no assurance that our proposed operations will generate revenues and cash flow needed to declare any future cash dividends or that we will have legally available funds to pay future dividends.
Securities Authorized for Issuance under Equity Compensation Plans
Refer to Note 15 to the consolidated financial statements elsewhere herein for additional information.
Recent Sales of Unregistered Securities
None.
Stock Repurchase Program
On December 6, 2021, Acacia’s Board of Directors approved a stock repurchase program, which authorized the purchase of up to $15.0 million of the Company’s common stock through open market purchases, through block trades, through 10b5-1 plans, or by means of private purchases, from time to time, through December 6, 2022. Stock repurchases during the quarter ended December 31, 2021, all of which were purchased as part of a publicly announced plan or program, were as follows:
Total Number
of Shares
Purchased Average
Price
paid per
Share Approximate Dollar
Value of Shares that
May Yet be Purchased
under the Program
(In thousands)
October 1, 2021 – October 31, 2021 — $ — $ —
November 1, 2021 – November 30, 2021 — — —
December 1, 2021 – December 31, 2021 784,104 $ 5.12 $ 11,004
Total repurchases during the quarter ended December 31, 2021 784,104 $ 5.12
20
Table of Contents
Refer to Note 14 to the consolidated financial statements elsewhere herein for additional information. During February 2022, we completed this program with total common stock purchases of 3,125,819 shares for the aggregate amount of $15.0 million.
ITEM 6. [Reserved]
Not applicable.