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
Since August 18, 2004, our common stock has been trading on the NASDAQ Global Select Market under the symbol “TZOO.” The following table sets forth, for the periods indicated, the high and low sales prices per share of our common stock as reported by NASDAQ.
High
Low
2025:
Fourth Quarter $ 10.69 $ 6.59
Third Quarter $ 14.05 $ 9.20
Second Quarter $ 16.56 $ 10.39
First Quarter $ 24.85 $ 12.95
2024:
Fourth Quarter $ 22.44 $ 11.37
Third Quarter $ 15.23 $ 7.12
Second Quarter $ 10.65 $ 7.39
First Quarter $ 11.23 $ 8.02
On March 9, 2026, the last reported sales price of our common stock on the NASDAQ Global Select Market was $6.64 per share.
As of March 9, 2026, there were approximately 155 stockholders of record of our shares.
Dividend Policy
Travelzoo has not declared or paid any cash dividends since inception and does not expect to pay cash dividends for the foreseeable future. The payment of dividends will be at the discretion of Travelzoo’s Board of Directors and will depend upon factors such as future earnings, capital requirements, our financial condition and general business conditions.
Sales of Unregistered Securities
In connection with that certain Stock Purchase Agreement, by and between Azzurro and the Company, dated as of December 30, 2022, the Company issued 3,410,000 shares of common stock of the Company in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933 (the “Securities Act”) or another available exemption from the Securities Act. The Shares were registered by the Company pursuant to an S-3 registration statement made effective on February 15, 2023.
Repurchases of Equity Securities
We repurchased 911,529 of our equity securities during the year ended December 31, 2025.
Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Programs Maximum Shares that May Yet be Purchased Under the Programs
January 1, 2025 - March 31, 2025 590,839 $ 15.09 590,839 320,690
April 1, 2025 - June 30, 2025 172,088 $ 14.53 172,088 148,602
July 1, 2025 - September 30, 2025 148,602 $ 10.40 148,602 —
October 31, 2025 - December 31, 2025 — $ — — —
911,529 911,529
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Performance Graph
The following graph compares, for the dates specified, the cumulative total stockholder return for Travelzoo, the NASDAQ Composite Index (the “NASDAQ Market Index”), and the Russell 2000 Index. Measurement points are the last trading day of each of the Company's fiscal years ended December 31, 2019, December 31, 2020, December 31, 2021, December 31, 2022, December 31, 2023, December 31, 2024, and December 31, 2025. The graph assumes that $100 was invested on December 31, 2018 in the Common Stock of the Company, the NASDAQ Market Index and the Russell 2000 Index and assumes reinvestment of any dividends. The stock price performance on the following graph is not indicative of future stock price performance.
Measurement Point
12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Travelzoo $ 100 $ 109 $ 96 $ 96 $ 45 $ 97 $ 202 $ 72
NASDAQ Market Index $ 100 $ 135 $ 194 $ 236 $ 158 $ 226 $ 291 $ 350
Russell 2000 Index $ 100 $ 124 $ 146 $ 167 $ 131 $ 150 $ 165 $ 184
Item 6. Reserved
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