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 is listed on the NYSE under the symbol "SST". There is no public trading market for our Class C common stock. On May 5, 2025, the NYSE completed the removal from listing and registration of our Warrants from the NYSE.
Holders of Record
As of February 27, 2026 , there were approxima tely 354 holders of record of our Class A common stock, 63 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 Class A common stock or Warrants whose shares of Class A common stock or Warrants are held in street name by brokers and other nominees. This number of holders does not include stockholders whose shares may be held in trust by other entities.
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. See 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 — "Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters" of this Annual Report on Form 10-K.
Recent Sales of Unregistered Securities
During the second quarter of 2025, we sold 450,000 unregistered shares of our Class A Common Stock at a price of $5.00 per share (for aggregate proceeds of $2.3 million to a charitable foundation established by our co-founder and CEO. The proceeds are being used for general corporate expenses.
Issuer Purchases of Equity Securities
2022 Repurchase Program
On August 11 2022, our Board of Directors authorized and we announced up to $25.0 million for the repurchase of our Class A common stock and Warrants (the "2022 Repurchase Program"). The 2022 Repurchase Program does not expire. During 2024 there were no repurchases of Class A common stock and Warrants. There were immaterial repurchases of Class A common stock during the third quarter of 2025. The following table provides certain information with respect to our purchases of Class A common stock during the fourth quarter of 2025:
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Period
Total Number of Shares Purchased
Average Price Paid per Share
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 Plans or
Programs
(in thousands)
October 1 - 31
—
$
—
—
$
23,899
November 1 - 30
57,744
$
3.85
57,744
$
23,677
December 1 - 31
78,750
$
4.20
78,750
$
23,346
Total Repurchases
136,494
$
4.05
136,494
Item 6. [Reserved]
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