Item 5. Market for Registrant’s Common Equity
ITEM 5.
MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
The common stock of the Company is traded on the Nasdaq Capital Market under the ticker symbol “NECB.”
Holders
The number of shareholders of record of the Company at March 28, 2024 was 317.
Dividends
The Company has historically paid a quarterly cash dividend to stockholders. During the year ended December 31, 2023 and 2022, the Company paid regular quarterly cash dividends of $0.06 per share. As previously disclosed, the Company’s Board of Directors also declared a one-time special cash dividend of $0.18 per share, which was paid on May 31, 2022, to shareholders of record at the close of business on May 16, 2022.
In determining the amount of any future dividends, the board of directors will take into account the Company’s financial condition and results of operations, tax considerations, capital requirements and alternative uses for capital, industry standards, and economic conditions. The Company cannot guarantee that it will pay continue to pay dividends or that, if paid, it will not reduce or eliminate dividends in the future.
Securities Authorized for Issuance Under Equity Compensation Plans
The following table sets forth information regarding outstanding options and shares outstanding under the Company’s previously disclosed 2022 Equity Incentive Plan at December 31, 2023:
(a)
(b)
(c)
Numbers of Securities
Remaining Available
for Future Issuance
Numbers of Securities to
Weighted-Average
Under Equity
be Issued Upon Exercise
Exercise Price of
Compensation Plans
of Outstanding Options,
Outstanding Options,
(Excluding Securities
Period
Warrants and Rights
Warrants and Rights
Reflected in Column (a))
Equity compensation plan approved by security holders
880,097
$
13.67
98,311
Equity compensation plan not approved by security holders
-
-
-
Total
880,097
98,311
Share Repurchases
On July 27, 2022, the Company announced that its Board of Directors had authorized a stock repurchase program to acquire up to 1,637,794 shares, or 10%, of the Company's currently issued and outstanding common stock commencing on August 1, 2022. The stock repurchase program was the Company’s first repurchase program since completing its second-step conversion and related stock offering in July 2021.
On May 30, 2023, following the completion of the Company’s first stock repurchase program, the Company announced that its Board of Directors had authorized a second stock repurchase program to acquire up to an additional 1,509,218 shares, or 10%, of the Company’s currently issued and outstanding common stock.
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The following table provides information on repurchases by the Company of its common stock under the Company’s stock repurchase program during the three months ended December 31, 2023:
Total Number of Shares
Maximum Number of
Purchased as Part of
Shares that May Yet Be
Total Number of
Average Price Paid
Publicly Announced
Purchased Under the
Period
Shares Purchased
Per Share
Plans or Programs
Plans or Programs
October 1 - 31, 2023
200,655
$
14.87
200,655
697,998
November 1 - 30, 2023
124,700
16.07
124,700
573,298
December 1 - 31, 2023
-
-
-
573,298
Total
325,355
325,355
ITEM 6. [ RESERVED ]