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
Price Range of Common stock
Our common stock is traded on the NASDAQ Capital Market under the symbol “TCX”. Our common stock is also traded on the Toronto Stock Exchange under the symbol “TC”.
As of April 1, 2024, Tucows had 74 shareholders of record.
We have not declared or paid any cash dividends on our common stock during the fiscal years ended December 31, 2023 and December 31, 2022 , and we do not intend to do so in the immediate future, but we may decide to do so in the future depending on ongoing market conditions. Our ability to pay any cash dividends on our common stock, should our Board decide to do so, is also dependent on our earnings and cash requirements and may, from time to time, be governed by the terms of our credit agreements.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
2024 Stock Buyback Program:
On February 22, 2024, the Company announced that its Board had approved a stock buyback program to repurchase up to $40 million of its common stock in the open market. The $40 million buyback program commenced on February 23, 2024 and is expected to terminate on February 22, 2025.
2023 Stock Buyback Program:
On February 9, 2023, the Company announced that its Board had approved a stock buyback program to repurchase up to $40 million of its common stock in the open market. The $40 million buyback program commenced on February 10, 2023 and terminated on February 9, 2024. The Company did not repurchase shares under this program.
2022 Stock Buyback Program:
On February 10, 2022, the Company announced that its Board had approved a stock buyback program to repurchase up to $40 million of its common stock in the open market. The $40 million buyback program commenced on February 11, 2023 and terminated on February 9, 2022. The Company did not repurchase shares under this program.
Net Exercise of Stock Options:
Our current equity-based compensation plans include provisions that allow for the “net exercise” of stock options by all plan participants. In a net exercise, any required payroll taxes, federal withholding taxes and exercise price of the shares due from the option holder can be paid for by having the option holder tender back to the Company a number of shares at fair value equal to the amounts due. These transactions are accounted for by the Company as a purchase and retirement of shares and are included in the table below as common stock received in connection with share-based compensation.
Year Ended December 31,
2023
2022
2021
Common stock received in connection with share-based compensation
Number of shares
-
3,053
45,824
Aggregate market value of shares (in thousands)
$
-
$
197
$
3,669
Average price per share
$
-
$
64.67
$
80.07
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STOCK PERFORMANCE GRAPH
The following graph and table compares the Company's stock performance to three stock indices over a five-year period assuming a $100 investment was made on the last day of fiscal year 2018.
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I TEM 6. RESERVED.