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 Capital Market under the symbol
“ALTO”. We also have non-voting common stock outstanding, which is convertible into our voting common stock, and which is
not listed on an exchange.
Security Holders
As of March 11, 2022, we had
73,726,517 shares of common stock outstanding held of record by approximately 310 stockholders and 896 shares of non-voting common stock
outstanding held of record by one stockholder. These holders of record include depositories that hold shares of stock for brokerage firms
which, in turn, hold shares of stock for numerous beneficial owners. On March 11, 2022, the closing sales price of our common stock on
The Nasdaq Capital Market was $6.13 per share.
Performance Graph
The graph below shows a comparison
of the cumulative total stockholder return on our common stock with the cumulative total return on The NASDAQ Composite Index and The
NASDAQ Clean Edge Green Energy Index, or Peer Group, in each case over the five-year period ended December 31, 2021.
The graph assumes $100 invested
at the indicated starting date in our common stock and in each of The NASDAQ Composite Index and the Peer Group, with the reinvestment
of all dividends. We have not paid or declared any cash dividends on our common stock and do not anticipate paying any cash dividends
on our common stock in the foreseeable future. Stockholder returns over the indicated periods should not be considered indicative of
future stock prices or stockholder returns. This graph assumes that the value of the investment in our common stock and each of the comparison
groups was $100 on December 31, 2016.
- 22 -
12/16
12/17
12/18
12/19
12/20
12/21
Alto Ingredients, Inc.
100.00
47.89
9.06
6.84
57.16
50.63
NASDAQ Composite
100.00
129.64
125.96
172.17
249.51
304.85
NASDAQ Clean Edge Green Energy
100.00
132.05
116.05
165.57
471.59
459.13
Dividend Policy
We have never paid cash dividends
on our common stock and do not intend to pay cash dividends on our common stock in the foreseeable future. We anticipate that we will
retain any earnings for use in the continued development of our business.
Our current and future debt
financing arrangements may limit or prevent cash distributions from our subsidiaries to us, depending upon the achievement of
specified financial and other operating conditions and our ability to properly service our debt, thereby limiting or preventing us
from paying cash dividends. Further, the holders of our outstanding Series B Preferred Stock are entitled to dividends of 7% per
annum, payable quarterly in arrears. For the first nine months of 2019, we declared and paid in cash dividends on our outstanding
shares of Series B Preferred Stock as they became due; however, for the fourth quarter of 2019, and for all of 2020, we accrued but
did not declare or pay cash dividends under an agreement with the holders of our Series B Preferred Stock in an effort to preserve
liquidity. During 2021, we declared and paid cash dividends on our outstanding shares of Series B Preferred Stock as they became due
and paid in cash all accrued and unpaid dividends for 2019 and 2020 in respect of our Series B Preferred Stock.
Recent Sales of Unregistered Securities
None.
Purchases of Equity Securities
by the Issuer and Affiliated Purchasers
None.
Item 6. [Reserved]
Not Applicable.
- 23 -