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
Our Class A Common Stock and Warrants are listed on NYSE under the symbols “SST” and “SST.WS,” respectively. Prior to the consummation of the Merger, the Trebia Class A common stock, units and warrants were listed on NYSE under the symbols “TREB”, “TREB.U” and “TREB.WS,” respectively. There is no public trading market for our Class C common stock.
Holders of Record
As of April 20, 2023, there were approximately 447 holders of record of our Class A common stock, 72 holders of record of our Class C common stock and 2 holders of record of our warrants. The actual number of stockholders of our Class A common stock and the actual number of holders of our warrants is greater than the number of record holders and includes holders of our common stock or warrants whose shares of common stock or warrants are held in street name by brokers and other nominees.
Dividend Policy
We have never declared or paid any dividends on our Class A or Class C common stock, and we do not anticipate paying any cash dividends in the foreseeable future. We currently intend to retain any earnings to finance the operation and expansion of our business. Any future determination to pay dividends will be at the discretion of our Board of Directors and will be dependent upon then-existing conditions, including our earnings, capital requirements, results of operations, financial condition, business prospects and other factors that our Board of Directors considers relevant. Refer to “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” for additional information regarding our financial condition. In addition, our credit facility contains restrictions on our ability to pay dividends.
Securities Authorized for Issuance Under Equity Compensation Plans
Our equity compensation plan information required by this item is incorporated by reference to the information in Part III, Item 12 of this Annual Report on Form 10-K.
Recent Sales of Unregistered Securities
On March 4, 2022, in connection with the Company's acquisition of NextGen Shopping, Inc. (d/b/a "CouponFollow"), the Company issued 2,000 shares of its Class A common stock with a total fair value of $25,500 in a private placement, which shares were subsequently registered on our Registration Statement on Form S-1, originally filed with the SEC on April 1, 2022, as subsequently amended (Reg. No. 333-262608).
2022 Repurchase Program
In August 2022, the Company's Board of Directors authorized up to $25 million for the repurchase of the Company's Class A common stock and Public Warrants (the “ 2022 Repurchase Program ” ). As of December 31, 2022, the Company had a remaining balance of approximately $24 million under the 2022 Repurchase Program.
Below is a summary of the share repurchases that were traded and settled during the three months ended December 31, 2022:
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Period
(in thousands, except share price) Total Number of Shares Purchased 1
Average Price Paid per Share 2
Total Number
of Shares
Purchased as
Part of Publicly
Announced
Plans or
Programs Approximate Dollar Value of Shares that May Yet be Purchased Under the Program
October 1, 2022 to October 31, 2022 190 $ 5.91 190 $ 23,878
November 1, 2022 to November 30, 2022 $ — — $ 23,878
December 1, 2022 to December 31, 2022 $ — — $ 23,878
1 All of the shares were purchased in open market transactions.
2 The average price paid per share was calculated on a settlement basis and includes commissions.
Item 6. Reserved
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