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
Our shares of common stock are listed on
the NYSE American exchange under the symbol CVU. On November 19,
2021, there were 171 holders of record of our shares of common stock, and we believe,
over 5,622 beneficial owners of our shares of common stock.
Dividend Policy
To date, we have not paid any dividends
on our common stock. Any payment of dividends in the future is within the discretion of our board of directors (subject to the
limitation on dividends contained in the BankUnited Facility, as described more fully in Part II, Item 7, Management’s Discussion
and Analysis of Financial Condition and Results of Operations) and will depend on our earnings, if any, our capital requirements
and financial condition and other relevant factors. Our board of directors does not intend to declare any cash or other dividends
in the foreseeable future, but intends instead to retain earnings, if any, for use in our business operations.
Recent Sales of Unregistered Securities
There
have been no sales of unregistered equity securities for the three months ended December 31, 2020. The have been no repurchases
of our outstanding common stock during the three months ended December 31, 2020.
Securities Authorized for Issuance
under Equity Compensation Plans
The following table sets forth certain
information at December 31, 2020 with respect to our equity compensation plans that provide for the issuance of options, warrants
or rights to purchase our securities:
Plan Category
Number of Securities to be Issued upon Exercise of Outstanding Options, Warrants and Rights
Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights
Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans (excluding securities reflected in the first column)
Equity Compensation Plans Approved by Security Holders
—
$—
844,223
Equity Compensation Plans Not Approved by Security Holders
—
—
—
Total
—
$—
844,223
Long-term equity incentives are an important
component of compensation and are designed to align the interests of our executive officers and directors who receive long-term
equity awards with the Company’s long-term performance and to increase shareholder value. The Company has awarded long-term
incentive compensation pursuant to two plans:
2016 Long-Term Incentive Plan. The
2016 Long-Term Incentive Plan, as amended, authorizes the grant of 1,400,000 shares of our common stock, which may be granted in
the form of stock options, stock appreciation rights, restricted stock, deferred stock, stock reload options, and other stock-based
awards, to employees, officers, directors, and consultants of the Company. As of December 31, 2020, we have granted 602,007 shares
under this plan and 797,993 shares remained available for grant under this plan.
Performance Equity Plan 2009 . The
Performance Equity Plan 2009 authorizes the grant of 500,000 stock options, stock appreciation rights, restricted stock, deferred
stock, stock reload options, and other stock-based awards. As of December 31, 2020, we have granted 453,770 shares under this plan
and 46,230 shares remained available for grant.
Item 6. [RESERVED]
Not applicable.
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