DAILY JOURNAL CORP 10-K

Item 3. Legal Proceedings   From time to time, the Company is subject to litigation arising in the normal course of its business. While it is not possible to predict the results of such litigation, management does not believe the ultimate outcome of these types of matters will have a material adverse effect on the Company’s financial position or results of operations or cash flows.   Item 4. Mine Safety Disclosures   Not applicable.   16     Part II   Item 5.   Market for Registrant ’ s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities   The following table sets forth the sales prices of the Company’s common stock for the periods indicated. Quotations are as reported by the NASDAQ Capital Market.       High     Low   Fiscal 2022                 Quarter ended December 31, 2021   $ 415.66     $ 334.92   Quarter ended March 31, 2022     389.90       242.11   Quarter ended June 30, 2022     292.00       242.00   Quarter ended September 30, 2022     286.04       236.01                     Fiscal 2021                 Quarter ended December 31, 2020   $ 405.00     $ 238.00   Quarter ended March 31, 2021     416.69       311.40   Quarter ended June 30, 2021     363.47       298.00   Quarter ended September 30, 2021     350.00       303.05     As of December 9, 2022, there were approximately 340 holders of record of the Company’s common stock, and the last trade was at $261.15 per share.   The Company did not declare or pay any dividends during fiscal 2022 or 2021. A determination by the Company whether or not to pay dividends in the future will depend on numerous factors, including the Company’s earnings, cash flow, financial condition, capital requirements, future prospects, acquisition opportunities, and other relevant factors. The Board of Directors does not expect that the Company will pay any dividends or other distributions to shareholders in the foreseeable future.   The Company does not have any equity compensation plans, and it did not sell any securities, whether or not registered under the Securities Act of 1933, during the past two fiscal years.   From time to time, the Company has repurchased shares of its common stock and may do so in the future. The Company maintains a common stock repurchase program that was implemented in 1987 in combination with the Company’s Management Incentive Plan. See Note 2 of Notes to Consolidated Financial Statements for more information. The Company’s stock repurchase program remains in effect, but the Company did not repurchase any shares during fiscal 2022 and 2021.   17