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 common stock is traded on the Nasdaq Global Market under the symbol "TLS." As of March 10, 2023, there were approximately 148 holders of record of Telos common stock. The number of shareholders of record of our common stock may not be representative of the number of beneficial owners due to shares that may be held by depositories, brokers or nominees.
We did not sell any equity securities during the 12 months ended December 31, 2022, that were not registered under the Securities Act and were not previously disclosed on a Quarterly Report on Form 10-Q or a Current Report on Form 8-K.
Common Stock Purchase Activity During the Three Months Ended December 31, 2022
Period Total Number of Shares Purchased (1) (2)
Average Price Paid per Share (1)
Total Number of Shares Purchased as Part of Publicly Announced Repurchases Plans (1)
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans (1)
October 1, 2022 - October 31, 2022 91,106 $ 9.22 91,106 $ 41,477,041
November 1, 2022 - November 30, 2022 282,198 4.57 282,198 $ 40,187,217
December 1, 2022 - December 31, 2022 910,380 4.63 317,688 $ 38,715,568
Total 1,283,684 $ 5.21 690,992
(1) On May 24, 2022, the Board of Directors authorized a Share Repurchase Program, pursuant to which the Company can repurchase up to $50.0 million of issued and outstanding common stock. The repurchase program has no expiration date and may be modified, suspended, or terminated at any time. For the fourth quarter of 2022, the Company repurchased 690,992 shares of common stock under the program for an aggregate price of $3.6 million in open market.
(2) The Total Number of Shares Purchased includes shares withheld by the Company upon the vesting of restricted stock units to satisfy tax withholding obligations of the holders of those restricted stock units.
For information regarding securities authorized for issuance under our stock-based compensation plan, see Note 16 - Stock-Based Compensation to the Consolidated Financial Statements contained in Item 8.
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Stock Performance Graph
This performance graph shall not be deemed to be "soliciting material" or to be "filed" with the SEC, and this performance graph shall not be incorporated by reference into any of Telos filings under the Securities Act or the Securities Exchange Act of 1934 and related regulations, or any other document, whether made before or after the date of this report and despite any general incorporation language contained in a filing or document (except to the extent Telos specifically incorporates this section by reference into a filing or document).
The following graph compares the total cumulative return to stockholders on our common stock since our IPO price of $17.00 on November 19, 2020 (the date our common stock commenced trading on the NASDAQ National Market) to two indices: (i) the Standard & Poor's 500 Index, and (ii) the Russell 2000 Index. An investment of $100 (with reinvestment of all dividends) is assumed to have been made in our common stock and in each index at the market close on November 18, 2020, and its relative performance is tracked quarterly through December 31, 2022. The comparisons in the graph are required by the U.S. Securities and Exchange Commission, based on historical data and are not intended to forecast or be indicative of possible future performance of our common stock.
Item 6. [Reserved]
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