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 for our Common Stock
Our Common Stock, no par value per share, is quoted on the Nasdaq Global Select Market under the symbol “LINC”.
On February 26, 2025, the last reported sale price of our Common Stock on the Nasdaq Global Select Market was $18.29 per share.
Holders
As of February 26, 2025, based on the information provided by Continental Stock Transfer & Trust Company, there were 42 shareholders of record of our Common Stock.
Dividend Policy
The Company has not declared or paid any cash dividends on its Common Stock since the Company’s Board of Directors discontinued our quarterly cash dividend program in February 2015. The Company has no current intentions to resume the
payment of cash dividends on its Common Stock in the foreseeable future.
During the fiscal year ended December 31, 2022, the Company paid a total of $1.1 million in cash dividends to holders of its Series A Convertible Preferred Stock (the “Series A Preferred Stock”) pursuant to the Securities Purchase
Agreement entered into on November 14, 2019 and the Company’s Amended and Restated Certificate of Incorporation.
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On November 30, 2022, the Company exercised in full its right of mandatory conversion of the Company’s Series A Preferred Stock. In connection with the conversion, each share of Series A Preferred Stock has been cancelled and converted
into 423.729 shares of the Company’s Common Stock, no par value per share. Shares of the Series A Preferred Stock are no longer outstanding and all rights of the holders to receive future dividends have terminated. As a result of the
conversion, the aggregate 12,700 shares of Series A Preferred Stock were converted into 5,381,356 shares of Common Stock.
Equity Compensation Plan Information
We have various equity compensation plans under which equity securities are authorized for issuance. Information regarding these securities as of December 31, 2024, is as follows:
Plan Category
Number of
Securities to be
issued upon
exercise of
outstanding
options,
warrants and
rights (a)
Weighted-
average
exercise
price of
outstanding
options,
warrants and
rights
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
-
$
-
1,684,587
Equity compensation plans not approved by security holders
-
-
-
Total
-
$
-
1,684,587
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Stock Performance Graph
This stock performance graph compares our total cumulative stockholder return on our Common Stock for the five years ended December 31, 2024 with the cumulative return on the Russell 2000 Index, S&P 500 and an
index of peer companies. The companies in the index of peer issuers, which were selected in good faith on the basis of the similar nature of their business as postsecondary educational institutions, include American Public Education, Inc.,
Adtalem Global Education Inc., Strategic Education, Inc., Universal Technical Institute, Inc., and Perdoceo Education Corporation. The graph assumes that $100 was invested on December 31, 2019 and any dividends were reinvested on the date on
which they were paid.
The information provided under the heading "Stock Performance Graph" shall not be considered "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or incorporated by reference
in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that we specifically incorporate it by reference into a filing.
Share Repurchases
On May 24, 2022, the Company announced that the Board of Directors had approved a share repurchase program for 12 months authorizing purchases of up to $30.0 million. On February 27, 2023, the Board of Directors extended the share
repurchase program for an additional 12 months and authorized the repurchase of an additional $10.0 million of the Company’s Common Stock, for an aggregate of up to $30.6 million in additional repurchases. On
May 7, 2024, the Company announced that its Board of Directors had authorized an extension of its share repurchase program for an additional 12 months through May 24, 2025. During the year ended December 31, 2024, the Company did not
repurchase any shares.
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The following table presents the number and average price of shares purchased during the three months ended December 31, 2024. The remaining authorized amount for share repurchases under the program at December 31, 2024 was approximately
$29.7 million.
Period
Total Number of
Shares
Purchased
Average Price
Paid per Share
Total Number of
Shares Purchased
as Part of Publically
Announced Plan
Maximum Dollar
Value of Shares
Remaining to be
Purchased Under
the Plan
October 1, 2024 to October 31, 2024
-
$
-
-
$
29,663,667
November 1, 2024 to November 30, 2024
-
-
-
-
December 1, 2024 to December 31, 2024
-
-
-
-
Total
-
-
-
For more information on the share repurchase program, See Part II. Item 8. “Financial Statements and Supplemental Data - Notes to Consolidated Financial Statements – Note 12 Stockholders Equity.”
ITEM 6.
[RESERVED]
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