Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF SECURITIES
Market Information
Following the separation, our common stock began trading on the NYSE American under the ticker symbol “SEG.” Prior to that date, there was no public trading market for our common stock. On June 30, 2025, the Company transferred the listing of the Company’s common stock from the NYSE American LLC to the New York Stock Exchange, continuing to trade under the symbol “SEG” .
Holders
As of March 3, 2026, there were 515 stockholders of record of our common stock. This number does not include beneficial owners whose shares are held by nominees in street name.
Dividends
We did not declare or pay any dividends in 2025 and do not currently anticipate declaring or paying any dividends on our common stock in the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our board of directors and will depend on a number of factors, including our future earnings, capital requirements, restrictions under debt agreements, financial condition, future prospects and other factors the board of directors may deem relevant.
52
Table of Contents
Stockholder Return Performance Graph
The following graph is a comparison of the cumulative total stockholder return on our common stock, the NYSE American Composite Index, the NYSE Composite Index and the Russell 2000 Index. The Company transferred the listing of the Company’s common stock from the NYSE American to the New York Stock Exchange on June 30, 2025, and we have included both the broad market index of the NYSE Composite Index as well as the NYSE American Composite Index in the performance graph. The graph assumes that $100 was invested on August 1, 2024, which was the first day our common stock began trading on the NYSE American, and dividends were reinvested subsequent to the initial investment. The comparisons in the graph below are based on historical data and are not indicative of, nor intended to forecast, future performance of our common stock. There can be no assurance that the performance of our common stock will continue in line with the same or similar trends depicted in the graph below.
The graph is not deemed incorporated by reference into any filing made under the Securities Act or the Exchange Act regardless of any general statement regarding incorporation by reference in any such filing and is not otherwise deemed filed under the Securities Act or the Exchange Act.
Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities
On October 17, 2024, we completed our previously announced rights offering, in which we distributed to holders of our common stock transferable subscription rights to purchase up to an aggregate of 7,000,000 shares of common stock at a subscription price of $25.00 per whole share. As a result of the rights offering, we issued 7,000,000 shares of common stock for gross proceeds of $175.0 million. The offering was made pursuant to a registration statement on Form S-1 (File No. 333-279690), as amended (the “Registration Statement”), which registered up to $175.0 million in subscription rights and the shares of common stock that were issued pursuant to the exercise of such rights. The Registration Statement was declared effective by the SEC on September 18, 2024.
The rights offering generated net proceeds to us of approximately $166.8 million after deducting approximately $8.2 million in offering expenses. No payments for such expenses were made directly or indirectly to (i) any of our officers or directors or their associates, (ii) any persons owning 10% or more of any class of our equity securities or (iii) any of our affiliates.
53
Table of Contents
There has been no material change in the use of proceeds from the rights offering as described in the final prospectus that forms a part of the Registration Statement, which was filed with the SEC on September 23, 2024. We continue to intend to use the proceeds for general operating, working capital and other corporate purposes. As of December 31, 2025, we have used approximately $89.0 million of the proceeds for working capital.
Issuer Repurchases of Equity Securities
None.
ITEM 6. [RESERVED]