Item 5. Market for Registrant’s Common Equity
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 24, 2025, we had 47 stockholders of record and approximately 15,860 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 Business 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 stockholders. For additional information, see Note 18 of the 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 stockholder return on common stock (specifically, the total stockholder 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, 2019 to December 31, 2024. In accordance with the rules of the SEC, this section, captioned “Performance Graph,” is not incorporated by reference into any of our future filings made under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”). The Performance Graph, including its accompanying table and footnotes, is not deemed to be soliciting material or to be filed under the Exchange Act or the Securities Act.
* $100 invested on 12/31/19 in stock or index-including reinvestment of dividends. Fiscal year ending December 31, 2024.
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12/31/19
12/31/20
12/31/21
12/31/22
12/31/23
12/31/24
ADTRAN Holdings, Inc.
$
100.00
$
154.37
$
243.02
$
203.51
$
81.62
$
92.62
NASDAQ Composite
$
100.00
$
144.93
$
177.06
$
119.45
$
172.78
$
224.34
NASDAQ Telecommunications
$
100.00
$
124.19
$
131.83
$
100.08
$
114.43
$
129.93
The stock price performance included in this graph is not necessarily indicative of future stock price performance. The Company's cumulative total returns for the period December 31, 2019 through December 31, 2021 relate to Adtran, Inc. prior to the Business Combination and the Company's cumulative total returns for the period December 31, 2022 through December 31, 2024 relate to Adtran Holdings, Inc. subsequent to the Business Combination.
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, 2024 – October 31, 2024
5,477
$
6.02
—
—
November 1, 2024 – November 30, 2024
62,046
$
7.75
—
—
December 1, 2024 – December 31, 2024
86
$
8.54
—
—
Total
67,609
—
(1) During the year ended December 31, 2024, 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.
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ITEM 6. R E SERVED