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 March 28, 2024, there were 171
holders of record of our shares of common stock. We believe there are substantially more beneficial holders of our 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, 2023. There have been no repurchases
of our outstanding common stock during the three months ended December 31, 2023.
Securities
Authorized for Issuance under Equity Compensation Plans
The
following table sets forth certain information at December 31, 2023 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
—
$ —
621,419
Equity Compensation Plans Not Approved by
Security Holders
—
—
—
Total
—
$ —
621,419
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 2,200,000 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, 2023, we have granted 1,580,945 shares under this plan and 619,055 shares remained available for grant under this plan.
20
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, 2023, we have
granted 497,636 shares under this plan and 2,364 shares remained available for grant.
Item 6. [RESERVED]
Not
applicable.