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
Market
Information
Our
common stock trades on Nasdaq under the symbol “SKYX”.
Holders
As
of March 20, 2023, there were approximately 178 holders of record of our common stock. This number does not include beneficial owners
whose shares may be held in the names of various security brokers, dealers, and registered clearing agencies.
44
Dividend
Policy
We
have never declared or paid any cash dividends on our common stock. Holders of our Series A Preferred Stock receive interest payments
quarterly, at a rate of 6% per year, and rank senior with respect to interest on junior securities, dividends, distributions or liquidation
preference. We anticipate that we will retain all available funds and future earnings, if any, for use in the operation of our business
and do not anticipate paying cash dividends in the foreseeable future. In addition, future debt instruments may materially restrict our
ability to pay dividends on our common stock. Payment of future cash dividends, if any, will be at the discretion of the board of directors
after taking into account various factors, including our financial condition, operating results, current and anticipated cash needs,
the requirements of then-existing senior equity and debt instruments and other factors the board of directors deems relevant.
Recent
Sales of Unregistered Securities; Use of Proceeds from Registered Securities
The
following is a summary of issuances of unregistered securities during the fourth quarter of 2022, to the extent not previously disclosed
in a Current Report on Form 8-K filed by the Company: 59,000 shares of restricted shares of common stock were granted pursuant to agreements
regarding services provided to the Company.
The
sales or issuances of the securities described above were deemed to be exempt from registration pursuant to Section 4(a)(2) of the Securities
Act of 1933, as amended (the “Securities Act”), including Regulation D and Rule 506 promulgated thereunder, as transactions
by the Company not involving a public offering.
Use
of Proceeds
On
February 14, 2022, we completed our initial public offering. We received approximately $20.5 million in net proceeds after deducting
underwriting discounts and commissions of $1.8 million and offering expenses of approximately $700,000. There has been no material change
in the use of proceeds from our initial public offering as described in our final prospectus filed with the SEC pursuant to Rule 424(b)
of the Securities Act of 1933, as amended, and other periodic reports previously filed with the SEC, which are used for general corporate
purposes.
Issuer
Purchases of Equity Securities
On
December 31, 2022, the Company withheld 862 shares of common stock, at a price per share of $2.52, to satisfy tax withholding obligations
due upon the vesting of a restricted stock grant held by Mr. Boisseau. We did not pay cash to repurchase these shares, nor was this repurchase
part of a publicly announced plan or program.
ITEM
6. [RESERVED]