NETLIST INC 10-K

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securitie s ​ Our common stock began trading on The Nasdaq Global Market under the symbol “NLST” on November 30, 2006 and was transferred to The Nasdaq Capital Market effective on January 14, 2016. On September 27, 2018, our common stock was transferred to the OTCQX ® Best Market. On August 11, 2020, our common stock was transferred to the OTCQB ® . Any over-the-counter market quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions. ​ As of March 21, 2025, we had 273,944,997 outstanding shares of common stock, no outstanding shares of preferred stock, and approximately 16 record holders of our common stock. ​ Dividend Policy ​ We have never declared or paid cash dividends on our capital stock in the past, and we have no intention of declaring or paying any such dividends in the foreseeable future. Additionally, our credit facility with SVB prohibits the payment of cash dividends without obtaining SVB’s prior consent. Any declaration or payment of dividends in the future will be at the discretion of our board of directors, and will depend on our results of operations, capital requirements, legal and contractual restrictions and other factors deemed relevant by our board of directors. ​ Securities Authorized for Issuance under Equity Compensation Plans ​ See Part III, Item 12 in this Form 10-K under the section titled “Security Ownership of Certain Beneficial Owners and Management” for information about our equity compensation plans, which is incorporated by reference herein. ​ The following graph shows a comparison of cumulative total shareholder return, calculated on a dividend-reinvested basis, on our common stock, the Russell 2000 Index and the S&P 500 Index for the five years ended December 28, 2024. The graph assumes $100 was invested in each of our common stock, the Russell 2000 Index and the S&P 500 Index as of the market close on December 28, 2019. Note that past stock price performance is not necessarily indicative of future stock price performance. ​ 44 Table of Contents ​ The following table summarizes stock performance graph data points in dollars: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/28/19 ​ 1/2/21 ​ 1/1/22 ​ 12/31/22 ​ 12/30/23 ​ 12/28/24 Netlist $ 100 ​ $ 189 ​ $ 2,024 ​ $ 361 ​ $ 590 ​ $ 263 S&P 500 Index $ 100 ​ $ 116 ​ $ 147 ​ $ 119 ​ $ 147 ​ $ 184 Russell 2000 Index $ 100 ​ $ 118 ​ $ 135 ​ $ 106 ​ $ 121 ​ $ 134 ​ ​ ​ Item 6. [Reserved] ​ ​ ​ ​ ​ 45 Table of Contents