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 stock is traded on The NASDAQ Stock Market under the symbol “PCYO.”
Holders
On November 10, 2023, there were 839 holders of record of our common stock.
Dividends
We have never paid any dividends on our common stock and expect for the foreseeable future to retain all of our capital and earnings from operations, if any, for use in expanding and developing our water and land development businesses. Any future decision as to the payment of dividends will be at the discretion of our board of directors and will depend upon our earnings, financial position, capital requirements, plans for expansion and such other factors as our board of directors deems relevant. The terms of our Series B Preferred Stock prohibit payment of dividends on common stock unless all dividends accrued on the Series B Preferred Stock have been paid and require dividends to be paid on the Series B Preferred Stock if proceeds from the sale of Export Water exceed $36,026,232. No dividends have been accrued to date as this threshold has not been met. For further discussion, see Note 9 to the accompanying consolidated financial statements.
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Issuer Purchases of Equity Securities
On November 2, 2022, our Board of Directors approved a stock repurchase program. The program is open-ended and authorizes repurchases of up to an aggregate of 200,000 shares of common stock in the open market. As of August 31, 2023, no shares had been repurchased under the repurchase program. The following table presents the number and average price of shares purchased in each month of the first quarter of fiscal 2024 as of November 10, 2023:
Period
Total Number of Shares Purchased
Average Price Paid per Share
Total Number of Shares Purchase as Part of Publicly Announced Plans or Programs
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
September 2023
15,000
$
10.06
15,000
185,000
October 2023
5,000
9.49
5,000
180,000
Total
20,000
$
9.78
20,000
180,000
Item 6 – Selected Financial Data
Not Applicable
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.