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.
The Company’s common stock is listed on the Capital Market of the NASDAQ Stock Market, LLC (“NASDAQ”) under the symbol “RAVE”. As of
September 16, 2022, there were approximately 1,891 stockholders of record of the Company’s common stock.
The Company had no sales of unregistered securities during fiscal 2022 or 2021.
The Company did not pay any dividends on its common stock during the fiscal years ended June 26, 2022 or June 27, 2021. Any determination
to pay cash dividends in the future will be at the discretion of the Company’s board of directors and will be dependent upon the Company’s results of operations, financial condition, capital requirements, contractual restrictions and other factors
deemed relevant. Currently, there is no intention to pay any dividends on our common stock.
2007 Stock Purchase Plan
On May 23, 2007, the Company’s board of directors approved a stock purchase plan (the “2007 Stock Purchase Plan”) authorizing the purchase on our behalf of up to 1,016,000 shares of
our common stock in the open market or in privately negotiated transactions. On June 2, 2008, the Company’s board of directors amended the 2007 Stock Purchase Plan to increase the number of shares of common stock the Company may repurchase by
1,000,000 shares to a total of 2,016,000 shares. On April 22, 2009 the Company’s board of directors amended the 2007 Stock Purchase Plan again to increase the number of shares of common stock the Company may repurchase by 1,000,000 shares to a
total of 3,016,000 shares.
The following table furnishes information for purchases made pursuant to the 2007 Stock Purchase Plan during the fourth quarter of fiscal 2022:
Period
Total Number
of Shares
Purchased
Average Price
Paid Per Share
Total Number of
Shares Purchased
as Part of Publicly
Announced Plan
Maximum Number
of Shares that May
Yet Be Purchased
Under the Plan
03/28/2022 - 04/24/2022
0
$
0
2,167,575
848,425
04/25/2022 - 05/29/2022
0
0
2,167,575
848,425
05/30/2022 - 06/26/2022
493,474
1.04
2,661,049
354,951
Total
493,474
$
1.04
On June 28, 2022, the Company’s board of directors amended the 2007 Stock Purchase Plan again to increase the number of shares of common stock the Company may repurchase by 5,000,000 shares to a
total of 8,016,000 shares . The 2007 Stock Purchase Plan does not have an expiration date.
The Company’s ability to purchase shares of our common stock is subject to various laws, regulations and policies as well as the rules and
regulations of the Securities and Exchange Commission (the “SEC”). Subsequent to June 26, 2022, the Company has repurchased 1,110,891 outstanding shares for $1.4 million and may make further purchases under the 2007 Stock Purchase Plan. The
Company may also purchase shares of our common stock other than pursuant to the 2007 Stock Purchase Plan or other publicly announced plans or programs.
Equity Compensation Plan Information
The following table furnishes information with respect to the Company’s stock option equity compensation plans as of June 26, 2022:
Plan Category
Number of securities to
be issued upon exercise
of outstanding options,
warrants, and rights
Weighted average
exercise price of
outstanding options,
warrants, and rights
Number of securities
remaining available for
future issuance under
equity compensation plans (1)
Stock option compensation plans approved by security holders
111,750
$
6.67
1,583,603
Stock option compensation plans not approved by security holders
–
–
–
Total
111,750
$
6.67
1,583,603
(1)
Securities remaining available for future issuance under the 2015 Long Term Incentive Program are net of a maximum of 1,328,531 shares of common stock issuable pursuant to outstanding restricted stock units, subject to applicable vesting
requirements and performance criteria. See Note I to the audited consolidated financial statements included in this report.
ITEM 6.
Reserved
8
Index
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