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
Market Information
Our common stock is traded on the Nasdaq Stock Market under the symbol “EGAN”.
Holders
As of June 30, 2024, there were approximately 133 stockholders of record.
Dividends
We have never declared or paid any cash dividends on our common stock. We currently anticipate that we will retain all available funds for use in the operation of our business and do not intend to pay any cash dividends in the foreseeable future.
Share Repurchases
On November 14, 2022, our board of directors authorized a stock repurchase program under which we may purchase up to $20.0 million of our outstanding common stock. On May 31, 2024, our board of directors authorized a $20.0 million increase in its stock repurchase program, bringing the aggregate amount eGain may purchase thereunder from $20.0 million to $40.0 million of its outstanding common stock. As of June 30, 2024, approximately $17.0 million remained available for stock repurchases pursuant to our stock repurchase program.
Under the stock repurchase program, we may purchase shares of common stock on a discretionary basis from time to time through open market transactions or privately negotiated transactions at prices deemed appropriate by us. In addition, at our discretion, open market repurchase of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when we might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions.
The timing and number of shares repurchased will be determined based on an evaluation of market conditions and other factors, including stock price, trading volume, general business and market conditions, and the availability of capital. The stock repurchase program has been extended until the earlier of (i) the date the aggregate amount of shares that can be repurchased under the stock repurchase program have been repurchased and (ii) the date the board of directors decides to terminate the stock repurchase program. The stock repurchase program does not obligate us to acquire a specified number of shares and may be modified, suspended, or discontinued at any time at our discretion without notice. The stock repurchase program will be funded using existing cash or future cash flows.
The following table summarizes the stock repurchase activity for the three months ended June 30, 2024, and the approximate dollar value of shares that may yet be purchased pursuant to our stock repurchase program:
Period
Total Number of Shares Purchased
Average Price Paid per Share
Total Number of Shares Purchased as Part of Publicly Announced Program
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program
(in thousands)
April 1, 2024 to April 30, 2024
493,576
$
6.30
493,576
$
2,600
May 1, 2024 to May 31, 2024
403,511
$
6.29
403,511
$
20,060
June 1, 2024 to June 30, 2024
500,054
$
6.18
500,054
$
16,969
Total
1,397,141
1,397,141
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Stock Performance Graph
The following shall not be deemed incorporated by reference into any of our other filings under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended.
The graph below compares the cumulative total stockholder return on our common stock with the cumulative total return on the Standard & Poor’s 500 Index and the Nasdaq Composite Total Return Index for each of the last five fiscal years ended June 30, 2024, assuming an initial investment of $100. Data for the Standard & Poor’s 500 Index and the Nasdaq Composite Total Return Index assume no dividends.
The comparisons in the graph below are based upon historical data and are not indicative of, nor intended to forecast, future performance of our common stock.
6/30/2019
6/30/2020
6/30/2021
6/30/2022
6/30/2023
6/30/2024
eGain Corporation
$ 100.00
$ 136.49
$ 141.03
$ 119.78
$ 92.01
$ 77.52
Nasdaq Composite
$ 100.00
$ 126.66
$ 184.36
$ 141.17
$ 178.08
$ 230.80
S&P Software & Services Select Industry Index
$ 100.00
$ 116.76
$ 180.35
$ 117.23
$ 141.16
$ 160.31
Equity Compensation Plan Information
See Item 12 of Part III of this Annual Report regarding information about securities authorized for issuance under our equity compensation plan.
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ITEM 6.
[RESERVED]