MEXCO ENERGY CORP 10-K

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 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 2024: April - June 2023 $ 13.84 $ 10.30 July - September 2023 13.63 11.36 October - December 2023 13.50 9.05 January - March 2024 10.49 9.02 On March 31, 2025, the closing sales price of our common stock on the NYSE American was $8.17 per share. Stockholders As of March 31, 2025, we had 2,239,283 shares issued and 809 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, 2025, 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 April 30, 2024, 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 May 21, 2024. The dividend was paid on June 4, 2024. The Company obtained written permission from West Texas National Bank (“WTNB”) prior to declaring the regular annual dividend. On April 10, 2023, 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 1, 2023. The special dividend was paid on May 15, 2023. The Company obtained written permission from WTNB prior to declaring the special dividend. Subsequently, 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 WTNB prior to declaring the regular annual dividend. 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 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. 21 Securities Authorized for Issuance Under Compensation Plans The following table includes certain information about our Employee Incentive Stock Plan as of March 31, 2025, 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 66,000 Total 400,000 150,883 $ 9.52 66,000 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 for the treasury account. This program does not have an expiration date and may be modified, suspended or terminated at any time by the Board. Under the repurchase program, share 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 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. The following table provides information related to repurchases of our common stock for the treasury account during the year ended March 31, 2025: Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Program Approximate Dollar Value of Shares that May Yet be Purchased Under the Program April 1-30, 2024 13,766 $ 13.70 13,766 $ 811,363 May 1-31, 2024 - - - $ 811,363 June 1-30, 2024 - - - $ 811,363 July 1-30, 2024 4,557 $ 11.78 4,557 $ 757,679 August 1-31, 2024 17,743 $ 11.95 17,743 $ 545,734 September 1-30, 2024 21,700 $ 11.47 21,700 $ 296,784 October 1-31, 2024 - - - $ 296,784 November 1-30, 2024 - - - $ 296,784 December 1-31, 2024 - - - $ 296,784 January 1-31, 2025 - - - $ 296,784 February 1-28, 2025 - - - $ 296,784 March 1-31, 2025 - - - $ 296,784 Total 57,766 $ 12.17 57,766 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. During the year ended March 31, 2024, the Company repurchased 50,101 shares for the treasury account at an aggregate cost of $585,035, an average price of $11.68 per share. On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (“IRA 2022”). The IRA 2022, among other tax provisions, establishes a 1% excise tax on stock repurchases made by publicly traded U.S. corporations, effective for stock repurchases after December 31, 2022. The IRA 2022 does provide for certain exceptions for repurchases of stock including an exception as long as the aggregate value of the repurchases for the tax year does not exceed $1,000,000. 22 ITEM 6. RESERVED