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 15, 2024, we had 257 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, management is not anticipating that cash or other dividends will be paid to the Company’s shareholders of Common Stock in the near future.
Unregistered Sales of Equity Securities
On March 14, 2023, a stock repurchase program was unanimously approved by the Company’s Board of Directors (the “Board”), that gave management authorization to purchase up to one million (1,000,000) shares of the Company’s stock, at a per-share price not to exceed $9, on the open market. The plan expires on March 31, 2026.
The following lists the repurchase of Company shares as of December 31, 2023:
Total Number of shares
Maximum number
purchased as part of a
of shares that may
publicly announced
Average Price
Total Price
yet be purchased under
Fiscal Period
plan or program (1) (2)
Paid per Share ($)
Paid $
the plan or program
Beginning Balance
1,000,000
May 1 - 31, 2023
17,029
6.73
114,623
982,971
June 1 - 30, 2023
10,392
7.72
80,201
972,579
August 1 - 31, 2023
197,210
5.70
1,123,532
775,369
November 1 - 30, 2023
96,089
4.01
385,547
679,280
December 1 - 31, 2023
95,253
4.74
451,146
584,027
Total
415,973
$ 5.18
$ 2,155,049
584,027
(1)
All shares were purchased in open-market transactions through the stock repurchase program approved by the Board on March 14, 2023, for the repurchase of up to one million shares of the Company’s common stock.
(2)
The stock repurchase program was publicly announced on May 3, 2023, and expires March 31, 2026. Repurchases under the stock repurchase program began on May 10, 2023.
ITEM 6. [RESERVED]
17
Table of Contents
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.