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
Holders of Common Stock
As of February 24, 2021, there were 18 holders of record of our common stock. As of such date, there were 26,280,275 shares of our common stock outstanding.
Dividends
We have never declared or paid any cash dividends on our common stock. We currently intend to retain all available funds and any future earnings to support our operations and finance the growth and development of our business. Any future determination related to our dividend policy will be made at the discretion of our board of directors and will depend upon, among other factors, our results of operations, financial condition, capital requirements, contractual restrictions, business prospects and other factors our board of directors may deem relevant.
Recent Sales of Unregistered Securities
None.
Issuer and Affiliated Purchaser - Purchases of Equity Securities
During the fiscal year 2018, we completed the sale of our intangible assets related to the ADAIR technology. Pursuant to the asset purchase agreement for ADAIR, we received a 30% ownership interest in the common stock of Vallon Pharmaceuticals, Inc. (“Vallon”) in consideration for the sale of the ADAIR technology. As of December 31, 2020, we held a 19% ownership interest due to the dilutive issuances of common stock by Vallon. Vallon completed an initial public offering and began trading on The Nasdaq Capital Market under the ticker “VLON” in February 2021. After this offering and other previous stock issuances of Vallon, Arcturus owns 843,750 shares of Vallon’s total post-IPO 6,811,122 outstanding shares, or approximately 12%.
Five Year Performance Graph
The annual changes for the five-year period shown in the graph below are based on the assumption that $100 had been invested in Company common stock, the Nasdaq Composite Index, and the Nasdaq Biotechnology Index on December 31, 2015. With respect to “Market Information,” our common stock is listed on Nasdaq under the trading symbol “ARCT”.
Item 6. Selected Financial Data
The Company has elected to comply with Item 301 of Regulation S-K as amended effective February 10, 2021, and is omitting this disclosure in reliance thereon.
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