Perma-Pipe International Holdings, Inc. 10-K

Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES   The Company's common stock is traded on the Nasdaq Global Market under the symbol "PPIH".    As of April 25, 2023 , there were approximately 58 stockholders of record and other additional stockholders for whom securities firms or banks acted as nominees.   The Company has never declared or paid a cash dividend and does not anticipate paying any cash dividends on its common stock in the foreseeable future. Management presently intends to retain all available funds for the development of the Company's business and for use as working capital, including potentially repurchasing its common stock. The Company's credit facilities also restrict dividend payments. Future dividend policy will depend upon the Company's earnings, capital requirements, financial condition, credit agreement restrictions and other relevant factors. For further information, see "Financing" in Item 7 and Note 5 - Debt, in the Notes to Consolidated Financial Statements.   The Transfer Agent and Registrar for the Company's common stock is Broadridge Corporate Issuer Solutions, Inc., P.O. Box 1342 Brentwood, NY 11717, (877) 830-4936 or (720) 378-5591.   Unregistered Sales of Equity Securities and Use of Proceeds   The Company has not made any sale of unregistered securities during the preceding three fiscal years.   Issuer Purchases of Equity Securities   On December 7, 2022 the Board of Directors authorized the use of $1.0 million remaining under the share repurchase program previously approved on October 4, 2021 that expired on October 3, 2022. Share repurchases may be executed through open market or in privately negotiated transactions over the course of the 12 months following the Board of Directors authorization. The repurchase program approved on October 4, 2021 authorized the Company to use up to $3.0 million for the purchase of its outstanding shares of common stock. Stock repurchases were permitted to be executed through open market or privately negotiated transactions, depending upon current market conditions and other factors. In total, the Company used $2.0 million of the $3.0 million authorized to repurchase its outstanding shares of common stock under the program.    On July 26, 2022, the Company retired  239,168  shares of treasury stock previously repurchased under the stock repurchase program. The retirement was recorded as a reduction to common stock based on the par value of the shares, and the excess over par value was recorded as a decrease to retained earnings in accordance with Accounting Standards Codification ("ASC") 505-30, Equity - Treasury Stock .   The following table sets forth information with respect to repurchases by the Company of its shares of common stock during 2021 and 2022 (In thousands, except per share data) :       Period   Total number of shares purchased     Average price paid per share     Total number of shares purchased as part of publicly announced plans or programs     Approximate dollar value of shares that may yet be purchased under the plans or programs   October 1, 2021 - October 31, 2021     59     $ 8.45       59     $ 2,505   November 1, 2021 - November 30, 2021     21       8.55       21       2,323   December 1, 2021 - December 31, 2021     56       7.99       56       1,872   January 1, 2022 - January 31, 2022     98       8.81       98       1,008   July 1, 2022 - July 31, 2022     5       8.85       5       964   December 1, 2022 - December 31, 2022     3       8.61       3       939   Total     242               242               10 Table of Contents   Item 6. [RESERVED]