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
Stock Information
Our common stock is listed on The Nasdaq Global Market under the symbol “FORM.” As of February 17, 2023, there were 120 registered holders of record of our common stock, which does not include beneficial owners of stock held in street name (i.e., through a brokerage firm, bank, broker-dealer, trust or other similar organization).
Dividends
No cash dividends have been declared on shares of our common stock, and the Company currently does not intend to pay dividends in the future.
Repurchases of Common Stock
In May 2022, our Board of Directors authorized a program to repurchase up to $75.0 million of outstanding common stock to offset potential dilution from issuances of our common stock under our employee stock purchase plan and equity incentive plan. This authorization is in addition to the program authorized October 2020 to repurchase up to $50.0 million of outstanding common stock that was fully utilized through June 2022 and expired October 2022. Under the current stock repurchase program, we may repurchase shares from time to time on the open market. The pace of repurchase activity will depend on levels of cash generation, the Company's current stock price, and other factors. The program may be modified or discontinued at any time. The current share repurchase program will expire May 2024.
The following table provides information as of December 31, 2022 with respect to the shares of common stock repurchased during the fourth quarter of fiscal 2022 pursuant to the foregoing Board authorization.
Period (fiscal months) Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Amount that May Yet Be Purchased Under the Plans or Programs
September 25, 2022 - October 22, 2022 240,479 $ 25.45 240,479 $ 21,364,697
October 23, 2022 - November 19, 2022 125,000 21.84 125,000 18,634,446
November 20, 2022 - December 31, 2022 — — — 18,634,446
365,479 $ 24.22 365,479
23
Stock Price Performance Graph
The following graph shows the total stockholder return of an investment of $100 in cash on December 30, 2017 through December 31, 2022 for (1) our common stock, (2) the S&P 500 Index, (3) the RDG Semiconductor Composite (former industry index) and (4) the S&P Semiconductors Select Industry Index (new industry index). We believe the new industry index is more representative of the industry in which we operate and is in alignment with the index utilized by FormFactor within compensation metrics. All values assume reinvestment of the full amount of all dividends. Stockholder returns over the indicated period are based on historical data and are not necessarily indicative of future stockholder returns.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
Among FormFactor, Inc., the S&P 500 Index, RDG Semiconductor Composite and the S&P Semiconductors Select Industry Index *$100 invested on December 30, 2017 in stock or index, including reinvestment of dividends.
Cumulative Total Return
December 30, 2017 December 29, 2018 December 28, 2019 December 26, 2020 December 25, 2021 December 31, 2022
FormFactor, Inc. $ 100.00 $ 89.52 $ 166.39 $ 272.08 $ 284.41 $ 142.04
S&P 500 Index 100.00 95.62 125.72 148.85 191.58 156.89
RDG Semiconductor Composite 100.00 90.09 134.47 195.30 295.15 184.29
S&P Semiconductors Select Industry Index 100.00 93.57 154.61 251.02 359.18 248.88
Item 6: [Reserved]