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
Marketplace Designation, Sales Price Information and Holders
Shares of our Common Stock trade on Nasdaq, under the ticker symbol “CMCT”, and on the TASE, under the ticker symbol “CMCT-L.”
On March 10, 2022, there were approximately 387 holders of record of our Common Stock, excluding stockholders whose shares were held by brokerage firms, depositories and other institutional firms in “street name” for their customers. The closing price of our Common Stock on March 10, 2022 was $8.05 as reported on Nasdaq.
Approximately 58.7% of shares of our Common Stock as of March 10, 2022 were held by stockholders that are not our affiliates.
Holders of our Common Stock are entitled to receive dividends, if, as and when authorized by the Board of Directors and declared by us out of legally available funds. In determining our dividend policy, the Board of Directors considers many factors including the amount of cash resources available for dividend distributions, capital spending plans, cash flow, our financial position, applicable requirements of the MGCL, any applicable contractual restrictions, and future growth in NAV and cash flow per share prospects. Consequently, the dividend rate on a quarterly basis does not necessarily correlate directly to any individual factor. There can be no assurance that the future dividends declared by our Board of Directors will not differ materially from historical dividend levels. Risks inherent in our ability to pay dividends are further described in “Item 1A—Risk Factors” of this Annual Report on Form 10-K.
Securities Authorized for Issuance Under Equity Compensation Plans
The following table provides information as of December 31, 2021 with respect to shares of our Common Stock, either under options or in respect of restricted stock awards that may be issued under existing equity compensation plans, all of which have been approved by our stockholders.
Plan Category Number of shares of Common Stock to be issued upon exercise of outstanding options Weighted average exercise price of outstanding options Number of shares of Common Stock remaining available for future issuances under equity compensation plans (all in restricted shares of Common Stock)
Equity incentive plan — N/A 49,770
Recent Sales of Unregistered Securities and Use of Proceeds
On November 9, 2021, we issued to the Operator an aggregate of 180,871 shares of our Series A Preferred Stock as payment, in lieu of cash, for $4.5 million of asset management fees owed to the Operator under the Investment Management Agreement for the second and third quarters of 2021. Such securities were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. We will pay the asset management fees for the fourth quarter of 2021, and it is likely we will seek to pay some or part of the year ending December 31, 2022 asset management fees, in shares of Series A Preferred Stock . Shares of Series A Preferred Stock may be redeemed at our option or at the option of the holder for a redemption price payable in cash or shares of Common Stock as described in Note 9 to the consolidated financial statements included in this Annual Report on Form 10-K.
Item 6. Reserved