CUMBERLAND PHARMACEUTICALS INC 10-K

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Market Information Our common stock, no par value, has been traded on the Nasdaq Global Select Market since August 11, 2009 under the symbol “CPIX.” As of March 7, 2022, we had 84 shareholders of record of our common stock. This excludes shareholders whose shares are held by brokers and other institutions on behalf of shareholders. The closing price of our common stock on the Nasdaq Global Select Market on March 7, 2022 was $2.97 per share. Dividend Policy We have not declared or paid any cash dividends on our common stock. Any future decision to declare or pay dividends will be at the sole discretion of our Board of Directors. 59 Performance Graph The stock performance graph below illustrates a comparison of the total cumulative stockholder return on our common stock since December 31, 2016 to the Nasdaq Composite and a composite of seven Nasdaq Pharmaceutical and Specialty Pharmaceutical Stocks which most closely compare to our Company. The graph assumes an initial investment of $100 on December 31, 2016, and that all dividends were reinvested. Purchases of Equity Securities The Company currently has a share repurchase program to repurchase up to $10.0 million of our common stock pursuant to Rule 10b-18 of the Securities Exchange Act of 1934, as amended. In January 2019, the Company's Board of Directors established the current $10.0 million repurchase program to replace the prior authorizations. We repurchased 438,359 shares, 503,626 shares and 623,478 shares of common stock for approximately $1.4 million, $1.8 million and $3.5 million, and during the years ended December 31, 2021, 2020 and 2019, respectively. The following table summarizes the activity, by month, during the fourth quarter of 2021: Period Total Number of Shares (or Units) Purchased Average Price Paid per Share (or Unit) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs October 33,071 $2.74 33,071 $5,073,858 November 35,095 (1) $2.56 35,095 $4,984,063 December 43,656 $4.68 43,656 $4,779,633 Total 111,822 (1) Of this amount, 1,162 shares were repurchased directly in private purchases at the then-current fair market value of common stock. 60 Item 6. Reserved. None.