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
Our common shares have been traded on The Nasdaq Capital Market under the symbol PANL since our common shares began public trading on October 3, 2014. The Company's internet address is www.pangaeals.com.
Holders of Record
As of March 13, 2026, there were approximately 13 stockholders of record of our common stock, which included Cede & Co. (which acts as nominee shareholder for the Depository Trust Company).
Dividends
Under our By-laws, our board of directors may declare dividends or distributions out of contributed surplus and may also pay interim dividends to be paid in cash, shares of the Company’s stock or any combination thereof. Our board of directors’ objective is to generate competitive returns for our shareholders. Any dividends declared will be in the sole discretion of the board of directors and will depend upon earnings, restrictions in our debt agreements described later in this prospectus, market prospects, current capital expenditure programs and investment opportunities, the provisions of Bermuda law affecting the payment of distributions to shareholders and other factors. Under Bermuda law, the board of directors has no discretion to declare or pay a dividend if there are reasonable grounds for believing that the Company is, or would after the payment be, unable to pay its liabilities as they become due or the realizable value of the Company’s assets would thereby be less than its liabilities.
Because the Company is a holding company with no material assets other than the shares of its subsidiaries, its ability to pay dividends depends on its subsidiaries’ ability to distribute earnings and cash flows to the Company. As of December 31, 2025, none of the Company’s subsidiaries were subject to restrictions on the payment of cash dividends to the Company. Accordingly, no such restrictions applied.
During the years ended December 31, 2025 and 2024, the Company paid a quarterly cash dividend ranging from $0.05 to $0.10 per common share. We cannot assure you that we will be able to pay regular quarterly dividends, and our ability to pay dividends will be subject to the limitations set forth above and in the section of this Form 10-K titled “Risk Factors.” The Company has dividends payable of $1.2 million at December 31, 2025. On February 5, 2026, the Company's Board of Directors declared a quarterly cash dividend of $0.05 per common share, to be paid on March 13, 2026, to all shareholders of record as of February 27, 2026.
Use of Proceeds
Not applicable
Purchases of Equity Securities by Issuer and Affiliates
On May 8, 2025, the Company’s Board of Directors authorized a share repurchase program of up to $15.0 million of the Company’s common stock, representing approximately 5.6% of its market capitalization as of that date. The program does not obligate the Company to repurchase any specific number of shares and may be modified, suspended, or terminated at any time.
The share repurchase program was publicly announced in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed on May 12, 2025.
During the fiscal year 2025, the Company repurchased 603,631 shares under the program at an average price of $4.94 per share for a total cost of approximately $3.0 million. All repurchased shares were retired upon acquisition. As of December 31, 2025, approximately $12.0 million remained available for future repurchases under the program.
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Shares repurchased pursuant to the common share repurchase program during the twelve months ended December 31, 2025 were as follows:
Twelve Months Ended
December 31, 2025 Total Number of Shares Purchased Average price paid per share of common stock Total number of shares purchased as part of publicly announced plans Dollar value of remaining authorized repurchase
First quarter — $ — $ 15,000
Second quarter 202,882 $ 4.93 202,882.00 13,993
Third quarter 200,518 $ 4.96 200,518.00 13,009
October 200,231 $ 4.93 200,231.00 12,001
November — $ — — 12,001
December — $ — — 12,001
Year-to-date 603,631 $ 4.94 603,631 12,001
Securities Authorized for Issuance Under Equity Compensation Plan
See Part III, Item 12 for information regarding securities authorized for issuance under our equity compensation plan.
ITEM 6. (Reserved)
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