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
Our common stock is listed on the Nasdaq Global
Market under the symbol “LWAY.” Trading commenced on March 29, 1988. As of June 17, 2022, there were approximately 55 holders
of record of Lifeway’s Common Stock, one of which was Cede & Co., a nominee for Depository Trust Company, or DTC, and 75 financial
institutions as nominees for beneficial owners or in “street name” the shares of which were deposited into participant accounts
at DTC and are considered to be held of record by Cede & Co. as one stockholder.
Common stock price
The following table shows the high and low sale
prices per share of our common stock as reported on the Nasdaq Global Market for each quarter during the two most recent fiscal years:
Common Stock Price Range
2020
Low
High
First Quarter
$ 1.50
$ 2.65
Second Quarter
$ 1.71
$ 2.99
Third Quarter
$ 2.30
$ 7.45
Fourth Quarter
$ 4.61
$ 7.81
2021
Low
High
First Quarter
$ 5.21
$ 6.90
Second Quarter
$ 4.56
$ 5.71
Third Quarter
$ 5.15
$ 7.04
Fourth Quarter
$ 4.60
$ 5.85
Dividend Policy
Lifeway does not routinely declare and pay dividends.
From time to time however our Board of Directors may declare and pay dividends depending on our operating cash flow, financial condition,
capital requirements and such other factors as the Board of Directors may deem relevant.
There were no dividends declared or paid in fiscal
2021 or 2020.
18
Issuer Purchases of Equity Securities
Period
Total number of shares purchased
Average price paid per share
Total number of shares purchased as part of a publicly
announced program (a)
Approximate Dollar Value of Shares that may yet be Purchased
Under the Plans or Programs
($ in thousands)
1/1/2020 to 1/31/2020
97,739
$ 2.33
97,739
$ 3,738
2/1/2020 to 2/28/2020
35,198
$ 2.49
35,198
$ 3,650
3/1/2020 to 3/31/2020
45,469
$ 1.98
45,469
$ 3,560
4/1/2020 to 4/30/2020
11
$ 2.01
11
$ 3,560
Fiscal Year 2020
178,417
$ 2.27
178,417
$ 3,560
7/1/2021 to 7/31/2021
250,000
$ 6.33
250,000
$ –
Fiscal Year 2021
250,000
$ 6.33
250,000
$ –
(a)
During the fourth quarter of 2015, Lifeway publicly announced a share repurchase
program. On November 1, 2017, our Board of Directors amended the 2015 stock repurchase program (the “2017 amendment”), by
adding to (i.e., exclusive of the shares previously authorized under the 2015 stock program repurchase) the authorization the lesser of
$5,185 or 625 shares. The program has no expiration date. As of April 2020, the Company had reached the amended threshold of 625 shares
and therefore no shares of common stock remain available to be purchased under the 2017 Repurchase Plan Amendment. On June 24, 2021, our
Board authorized a plan to repurchase up to 250 shares of Common Stock in the open market within 24 months at no more than $10 per share
(the “2021 Repurchase Plan”). As of December 31, 2021, the Company had reached the threshold of 250 shares and therefore no
shares of common stock remain available to be purchased under the 2021 Repurchase Plan Amendment.
ITEM 6
[RESERVED]