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 AND STOCKHOLDERS
The Company’s Common Stock is traded on the Exchange, under the symbol “ELA.” As of March 10, 2023, we had 268 record holders of our Common Stock.
SHARE REPURCHASES AND DIVIDENDS
Envela has not declared any dividends with respect to Common Stock. Management’s intent is to retain all current earnings to finance future growth; accordingly, it is not anticipated that cash or other dividends will be paid to the Company’s shareholders of Common Stock in the near future.
Securities authorized for issuance under equity compensation plans.
On December 7, 2016, the Company’s shareholders approved the adoption of the 2016 Equity Incentive Plan (the “2016 Plan”), which reserves 1,100,000 shares of Common Stock for issuance pursuant to awards issued thereunder. As of December 31, 2022, no awards had been made under the 2016 Plan. The Company’s prior 2006 Equity Incentive Plan (the “2006 Plan”) expired according to its terms on December 31, 2019, and as a result no further shares may be issued under the 2006 Plan. No securities issued pursuant to the 2006 Plan remain issuable upon the exercise of any option, warrants or rights. However, 15,000 options issued pursuant to the Company’s 2004 Employee Stock Option Plan (the “2004 Employee Stock Option Plan”) remain unexercised and have no expiration date. For more information, see Note 13 to our consolidated financial statements.
The following table summarizes the equity compensation plan information as of December 31, 2022:
Plan Category
Column (a):
Number of securities to be
issued upon exercise of
outstanding options, warrants
and rights
Column (b):
Weighted-average exercise
price of outstanding options,
warrants and rights
Column ©:
Number of securities remaining
available for future issuance
under equity compensation
plans (excluding securities
reflected in column (a))
Equity compensation plans approved by security holders
15,000 (1)
2.17
1,100,000 (2)
Equity compensation plans not approved by security holders
N/A
N/A
N/A
Total
15,000
2.17
1,100,000
(1) Represents 15,000 options issued under the 2004 Employee Stock Option Plan, which remain unexercised and have no expiration date.
(2) The total number of securities remaining available for future issuance is solely comprised of shares of Common Stock reserved under the 2016 Plan.
Purchases of equity securities by the issuer and affiliates purchases.
There have been no purchases made by or on behalf of the issuer or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) of the Exchange Act of any of our equity securities during the years ended December 31, 2022 and December 31, 2021.
ITEM 6. [RESERVED]
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PART II
Items 7
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.