ADTRAN Holdings, Inc. 10-K

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STO CKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock is traded on the NASDAQ Global Select Market under the symbol "ADTN" and the Frankfurt Stock Exchange under the symbol "QH9". As of January 22, 2024, we had 47 stockholders of record and approximately 19,709 beneficial owners of shares held in street name. Dividends We declared a quarterly dividend of $0.09 per share of common stock to record holders during each of the quarters through September 30, 2023. On November 6, 2023, the Board of Directors suspended the Company’s quarterly cash dividend in order to reduce debt and interest expense and support the Company's capital efficiency program. The payment of any future dividends will be at the discretion of the Board of Directors and will depend on the Company’s financial condition, results of operations, capital requirements, and any other factors deemed relevant by the Board of Directors. In addition, the Wells Fargo Credit Agreement currently does not allow for the payment of dividends to shareholders. For additional information, see Note 20 of Notes to Consolidated Financial Statements included in Part II, Item 8 and Liquidity & Capital Resources included in Part II, Item 7 of this report . Performance Graph The graph below matches our cumulative 5-Year total shareholder return on common stock (specifically, the total shareholder return on ADTRAN, Inc.’s common stock for all periods prior to the Merger and that of ADTRAN Holdings, Inc. following the Merger) with the cumulative total returns of the NASDAQ Telecommunications index and the NASDAQ Composite index. The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from December 31, 2018 to December 31, 2023. * $100 invested on 12/31/18 in stock or index-including reinvestment of dividends. Fiscal year ending December 31. 47 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 ADTRAN Holdings, Inc. $ 100.00 $ 94.81 $ 146.36 $ 230.41 $ 192.95 $ 77.38 NASDAQ Composite $ 100.00 $ 136.69 $ 198.10 $ 242.03 $ 163.28 $ 236.17 NASDAQ Telecommunications $ 100.00 $ 113.65 $ 141.14 $ 149.82 $ 113.74 $ 130.05 The stock price performance included in this graph is not necessarily indicative of future stock price performance. Purchases of Equity Securities The following table sets forth repurchases of our common stock for the months indicated. Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs October 1, 2023 – October 31, 2023 356 $ 7.47 — — November 1, 2023 – November 30, 2023 128,122 $ 5.44 — — December 1, 2023 – December 31, 2023 7,105 $ 7.09 — — Total 135,583 — (1) During the year ended December 31, 2023, the Company did not repurchase any shares of Company common stock as part of a publicly announced plan or program and there is no current authorization to repurchase Company common stock. The shares purchased relate to shares withheld to cover taxes for vested stock awards. 48 ITEM 6. R E SERVED