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
2026:
April
- June 2025
$ 16.00
$ 5.89
July
- September 2025
9.45
7.80
October
- December 2025
10.80
8.36
January
- March 2026
16.48
8.65
2025:
April
- June 2024
$ 16.52
$ 9.84
July
- September 2024
14.10
10.11
October
- December 2024
13.78
10.55
January
- March 2025
14.11
7.55
On
March 31, 2026, the closing sales price of our common stock on the NYSE American was $10.22 per share.
Stockholders
As
of March 31, 2026, we had 2,239,283 shares issued and 808 shareholders of record, which does not include shareholders for whom shares
are held in a “nominee” or “street” name. Of these issued shares, 193,283 are held in the treasury. As of March
31, 2026, there were 2,046,000 shares outstanding.
Dividends
Prior
to March 31, 2023, the Company had never paid a cash dividend to the Company’s shareholders. Payment of dividends is at the discretion
of our Board of Directors (the “Board”) after considering 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.
On
May 13, 2025, the Company announced that its Board declared a regular annual dividend of $0.10 per common share to its shareholders of
record at the close of business on June 2, 2025. The dividend was paid on June 16, 2025. The Company obtained written permission from
West Texas National Bank (“WTNB”) prior to declaring the regular annual dividend. On April 30, 2024, the Company announced
that its Board declared a special dividend of $0.10 per common share to its shareholders of record at the close of business on May 21,
2024. The special dividend was paid on June 4, 2024. The Company obtained written permission from WTNB prior to declaring the special
dividend.
Subsequently,
on June 4, 2026, the Company announced that its Board declared a regular annual dividend of $0.10 per common share to its shareholders
of record at the close of business on June 15, 2026. The dividend is to be paid on June 30, 2026. The Company obtained written permission
from WTNB prior to declaring the regular annual dividend.
20
The
Company can provide no assurance that dividends will be authorized or declared in the future or as to the amount or type of any future
dividends. Our Board’s determination with respect to any such dividends, including the record date, the payment date, and the actual
amount of the dividend, will depend upon our profitability and financial condition, contractual restrictions, restrictions imposed by
applicable law, and other factors that the board deems relevant at the time of such determination.
Securities
Authorized for Issuance Under Compensation Plans
The
following table includes certain information about our Employee Incentive Stock Plan as of March 31, 2026, 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
35,000
$ 4.84
-
2019
Plan
200,000
115,883
10.93
68,500
Total
400,000
150,883
$ 9.52
68,500
Issuer
Repurchases
In
April 2024, the Board authorized the use of up to $1,000,000 to repurchase shares of the Company’s common stock, par value
$0.50, for the treasury account. This program has no expiration date and may be modified, suspended, or terminated at any time by
the Board. Under the repurchase program, 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 shares, prevailing market conditions, the
trading price of our common 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. As of March 31,
2026, the Company’s repurchase program approved in April 2024 had $296,784 in remaining funds.
During
the year ended March 31, 2026, there were no shares of common stock repurchased for the treasury account. During the year ended March
31, 2025, the Company repurchased 57,766 shares for the treasury account at an aggregate cost of $703,216, an average price of $12.17
per share.
Subsequently,
in June 2026, the Board authorized the use of an additional $250,000 to repurchase shares of the Company’s common stock, par value
$0.50, for the treasury account.
ITEM 6. RESERVED