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:
2022 High Low
Fourth Quarter $ 22.79 $ 15.63
Third Quarter 24.50 16.97
Second Quarter 25.93 17.06
First Quarter 26.58 18.77
2021 High Low
Fourth Quarter $ 32.71 $ 24.44
Third Quarter 61.53 28.70
Second Quarter 51.82 46.00
First Quarter 52.20 38.77
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, 2017 and December 31, 2022. The graph tracks the performance of a $100 investment, with the reinvestment of all dividends, from December 31, 2017 to December 31, 2022.
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2017 2018 2019 2020 2021 2022
Shenandoah Telecommunications Company $ 100 $ 132 $ 125 $ 131 $ 126 $ 79
NDAQ US $ 100 $ 95 $ 124 $ 150 $ 189 $ 152
NDAQ Telecom Stocks $ 100 $ 93 $ 118 $ 129 $ 136 $ 106
Holders
As of February 16, 2023, there were 4,082 holders of record of the Company’s common stock.
Dividend Policy
Under the Company’s credit agreement, the Company is restricted in its ability to pay dividends in the future. So long as no Default or Event of Default, as defined in the credit agreement, the Company may make, declare and pay lawful cash dividends or distributions to its shareholders or redeem capital stock in an aggregate amount not to exceed, when the Company’s Total Net Leverage Ratio (as defined in the credit agreement) is greater than 4.00:1.00 on a pro forma basis, an amount equal to the greater of 6.0% of the net cash proceeds from any public equity issuance of the Company’s equity interests or 4.0% of the estimated fair market value of the Company’s equity interests or when the Company’s Total Net Leverage (as defined in the credit agreement) is less than or equal to 4.00:1.00 on a pro forma basis, an unlimited amount; provided, however, that the amount of any dividend or distribution that is not paid in cash but is reinvested in equity interests of the Company shall be excluded from this calculation and redemptions of equity interests of the Company surrendered by employees and directors to cover withholding taxes shall be excluded from this calculation.
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,
2018 2019 2020 2021 2022
Cash Dividend $ 0.27 $ 0.29 $ 0.34 $ 18.82 $ 0.08
Cash dividends in 2021 include a special dividend of $18.75 per share declared in the third quarter of 2021 (the “Special Dividend”) following the sale of our Wireless operations and assets.
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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