Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stoc kholder Matters and Issuer Purchases of Equity Securities.
Market Information
On September 29, 2016, our common stock was listed for trading on Nasdaq under the symbol “FLGT.” There was no public market for our common stock prior to September 29, 2016.
Holders of Common Stock
As of February 1, 2024, there were 14 holders of record of our common stock, plus an indeterminate number of additional stockholders whose shares of our common stock are held on their behalf by brokerage firms or other agents.
Dividend Policy
We currently anticipate that we will retain any future earnings to finance the continued development, operation and expansion of our business. As a result, we do not anticipate declaring or paying any cash dividends or other distributions in the foreseeable future. Any determination to pay dividends would be at the discretion of our board of directors and would depend on our results of operation, financial condition and other factors that our board of directors, in its discretion, considers relevant .
Use of Proceeds from Registered Securities
To date, we have used $146.7 million of the net proceeds from sales of our common stock, of which, $4.5 million was used for contributions to FF Gene Biotech prior to the FF Gene Biotech Acquisition, $126.4 million was used to fund the Company’s operation and a business combination, and $15.8 million was used to pay off the investment margin loan. All other net proceeds from sales of our common stock are invested in investment-grade and interest-bearing securities, such as corporate bonds, municipal bonds, and U.S. government and U.S. agency debt securities. There has been no material change in the planned use of proceeds from the sales of our common stock from that described in the Prospectus.
Common Stock Performance Graph
The following graph compares the cumulative total stockholder return, calculated on a dividend-reinvested basis, in Fulgent's Common Stock, the NASDAQ Composite Index, and the NASDAQ Biotechnology Index for the five years ended December 31, 2023. The comparison assumes that $100 was invested in the Company’s common stock, the NASDAQ Composite Index, and the NASDAQ Biotechnology Index as of the market close on December 31, 2018. Note that historic stock price performance is not necessarily indicative of future stock price performance.
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Information on Share Repurchases
The number of shares of common stock repurchased by the Company during the year ended December 31, 2023 and the average price paid per share are as follows:
Period
(a) Total Number of Shares Purchased
(b) Average Price Paid Per Share (1)
(c) Total Number of Shares Purchased As Part of Publicly Announced Plans or Programs
(d) Maximum Dollar Value that May Yet Be Purchased Under the Plans or Programs
May 2022 (5/1/2022 - 5/31/2022)
30,000
$
49.56
30,000
$
248,515,000
June 2022 (6/1/2022 - 6/30/2022)
185,000
$
48.97
185,000
$
239,429,000
August 2022 (8/1/2022 - 8/31/2022)
247,000
$
47.68
247,000
$
227,657,000
September 2022 (9/1/2022 - 9/30/2022)
533,000
$
43.04
533,000
$
204,752,000
October 2022 (10/1/2022 - 10/31/2022)
244,000
$
37.33
244,000
$
195,661,000
November 2022 (11/1/2022 - 11/30/2022)
234,000
$
35.83
234,000
$
187,276,000
December 2022 (12/1/2022 - 12/31/2022)
337,000
$
34.32
337,000
$
175,718,000
September 2023 (9/1/2023-9/30/2023)
80,000
$
27.65
80,000
$
173,522,000
October 2023 (10/1/2023-10/31/2023)
533,000
$
25.65
533,000
$
159,864,000
November 2023 (11/1/2023-11/30/2023)
222,000
$
26.95
222,000
$
153,875,000
December 2023 (12/1/2023-12/31/2023)
118,000
$
27.01
118,000
$
150,686,000
Total
2,763,000
2,763,000
(1) Includes commissions for the shares repurchased under the stock repurchase program.
Item 6. [R eserved]
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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.