Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
The Company’s stock is traded on the Nasdaq Global Select Market under the symbol “SHEN.” The following table indicates the closing high and low sales prices per share of common stock as reported by the Nasdaq Global Select Market for each quarter during the last two years:
2025 High Low
Fourth Quarter $ 13.90 $ 9.67
Third Quarter 15.84 11.71
Second Quarter 14.46 10.07
First Quarter 13.61 9.77
2024 High Low
Fourth Quarter $ 16.28 $ 12.01
Third Quarter 21.89 13.51
Second Quarter 19.32 11.87
First Quarter 22.27 16.95
Stock Performance Graph
The following graph and table show the cumulative total shareholder return on the Company’s common stock compared to the Nasdaq US Index and the Nasdaq Telecommunications Index for the period between December 31, 2020 and December 31, 2025. The graph tracks the performance of a $100 investment, with the reinvestment of all dividends, from December 31, 2020 to December 31, 2025.
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2020 2021 2022 2023 2024 2025
Shenandoah Telecommunications Company $ 100 $ 97 $ 60 $ 83 $ 49 $ 45
NDAQ US $ 100 $ 126 $ 101 $ 128 $ 159 $ 187
NDAQ Telecom Stocks $ 100 $ 105 $ 82 $ 92 $ 112 $ 131
Holders
As of February 23, 2026, there were 3,926 holders of record of the Company’s common stock.
Dividend Policy
Under the RCF, Shentel Broadband is subject to restrictions on its ability to pay dividends or make other distributions to Shentel Broadband Holding Inc. (“Shentel Holdings”), parent of Shentel Broadband and wholly subsidiary of Shentel. So long as no default exists, the Shentel Broadband may declare and pay lawful cash dividends or make distributions to Shentel Holdings within the limits set forth in the RCF credit agreement. Specifically, the financing arrangements permit: (i) annual cash dividends on Shentel’s common stock up to $7.5 million; (ii) additional distributions when the Borrower’s Total Net Leverage Ratio (as defined in the RCF credit agreement) is less than 2.50:1.00 on a pro forma basis; (iii) additional distributions to Shentel Holdings or Shentel with the proceeds received from the ABS Entities and (iv) certain non-cash distributions and employee-related redemptions. Dividends beyond these limits are prohibited unless the leverage ratio condition is satisfied.
The table below sets forth the cash dividends per share of our common stock that our board of directors declared during the following years:
Years Ended December 31,
2021 2022 2023 2024 2025
Cash Dividend $ 18.82 $ 0.08 $ 0.09 $ 0.10 $ 0.11
Cash dividends in 2021 include a special dividend of $18.75 per share declared in the third quarter of 2021 following the sale of our Wireless operations and assets.
Future dividend payments remain subject to the discretion of the Board of Directors.
Dividend Reinvestment Plan
The Company maintains a dividend reinvestment plan (the “DRIP”) for the benefit of its shareholders. When shareholders remove shares from the DRIP, the Company issues whole shares in book entry form, pays out cash for any fractional shares, and cancels the fractional shares. In conjunction with the vesting of shares or exercise of stock options, the grantees may surrender awards necessary to cover the statutory tax withholding requirements and any amounts required to cover stock option strike prices associated with the transaction.
Purchases of Equity Securities by the Issuer or Affiliated Purchasers
None.
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ITEM 6. [Reserved]
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