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
Information
In
September 2003, our common stock began trading on the NYSE American, formerly the American Stock Exchange and more recently the NYSE
MKT, under the symbol “MXC”. Prior to September 2003, the Company’s common stock was traded on the over-the-counter
bulletin board market under the symbol “MEXC”. The registrar and transfer agent is Issuer Direct Corporation, 500 Perimeter
Park Drive, Suite D, Morrisville, North Carolina, 27560 (Tel: 877-481-4014). The following table sets forth certain information as to
the high and low sales price quoted for Mexco’s common stock on the NYSE American.
High
Low
2022:
April - June 2021
$ 10.60
$ 6.88
July - September 2021
11.80
7.80
October - December 2021
18.00
8.35
January - March 2022
43.00
9.00
2021:
April - June 2020
$ 5.24
$ 2.00
July - September 2020
14.63
2.92
October - December 2020
8.79
4.60
January - March 2021
14.25
5.50
On
March 31, 2022, the closing sales price of our common stock on the NYSE American was $16.20 per share.
Stockholders
As
of March 31, 2022, we had 2,216,416 shares issued and 850 shareholders of record which does not include shareholders for whom shares
are held in a “nominee” or “street” name. Of these issued shares, 67,000 are held in the treasury.
Dividends
We
have never declared or paid any cash dividends on our common stock. We currently intend to retain future earnings and other cash resources,
if any, for the operation and development of our business and do not anticipate paying any cash dividends on our common stock in the
foreseeable future. Payment of any future dividends will be at the discretion of our Board of Directors after taking into account many
factors, including our financial condition, operating results, current and anticipated cash needs and plans for expansion. In addition,
our current bank loan prohibits us from paying cash dividends on our common stock without written permission.
Securities
Authorized for Issuance Under Compensation Plans
The
following table includes certain information about our Employee Incentive Stock Plan as of March 31, 2022, which has been approved by
our stockholders.
Number of Shares Authorized for Issuance under Plan
Number of Shares to be Issued upon Exercise of Outstanding Options
Weighted Average Exercise Price of Outstanding Options
Number of Shares Remaining Available for Future Issuance under Plan
2009 Plan
200,000
45,250
$ 5.27
-
2019 Plan
200,000
69,000
5.66
128,000
Total
400,000
114,250
$ 5.51
128,000
19
Issuer
Repurchases
In
September 2021, the Board of Directors authorized the use of up to $250,000 to repurchase shares of our common stock for the treasury
account. This program does not have an expiration date. Under the repurchase program, shares of common stock may be purchased from time
to time through open market purchases or other transactions. The amount and timing of repurchases will be subject to the availability
of stock, prevailing market conditions, the trading price of the stock, our financial performance and other conditions. Repurchases may
also be made from time-to-time in connection with the settlement of our share-based compensation awards. Repurchases will be funded from
cash flow from operations.
There
were no shares of our common stock repurchased for the treasury account during the fiscal years ended March 31, 2022 and 2021.
ITEM
6. SELECTED CONSOLIDATED FINANCIAL DATA
Not
applicable.