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
The NASDAQ Global Market is the principal market on which Virco Mfg. Corporation common stock (trading symbol VIRC) is traded. As of March 31, 2024, there were approximately 140 registered stockholders of the common stock according to the Company's transfer agent records.
Dividend Policy
Our future dividend policy will be determined from time to time by our board of directors, taking into account the Company’s earnings and liquidity, among other factors. In addition, our Amended and Restated Credit Agreement with PNC Bank limits our ability to pay cash dividends to $3.0 million in the aggregate during any fiscal year, provided that no default or event or default shall have occurred or be continuing under the Credit Agreement or result from any such dividend. In addition, under the Credit Agreement we must demonstrate pro forma compliance with a fixed charge coverage ratio of not less than 1.20:1.00 for the most recent twelve-month period ending as of the fiscal quarter immediately preceding the date of such dividend.
The Company declared a quarterly dividend of $0.02 per share in the fourth quarter of fiscal 2024. Subsequent to year end, in the first quarter of fiscal 2025, the Company declared a dividend of $0.02 per share. While the Company intends to pay future dividends on a quarterly basis, following review and approval by the Board of Directors, the declaration and payment of future dividends, as well as the amounts thereof, are subject to the discretion of the Board as well as restrictive covenants in the Company’s lending agreements. There can be no assurance that the Company will declare and pay dividends in future periods.
Stock Repurchases
The Company did not repurchase any shares of its stock during the fourth quarter of fiscal 2024.
Securities Authorized for Issuance Under Equity Compensation Plans
The following table sets forth information as of January 31, 2024, with respect to compensation plans under which our equity securities are authorized for issuance. There were no securities issued under equity compensation plans not approved by security holders.
Equity Compensation Plan Information
Number of securities to be issued upon exercise of outstanding options, warrants and rights Weighted-average exercise price of outstanding options, warrants and rights Number of securities remaining available for future issuance under equity compensation plans - excluding securities reflected in column
Plan category (#) ($) (#)
Equity compensation plans approved by security holders 93,600 $ 4.40 537,925 (1)
(1) Represents the number of shares available for issuance as of January 31, 2024 under the Company’s 2019 Omnibus Equity Stock Incentive Plan. No shares remain available for issuance under the Company’s 2011 Stock Incentive Plan.
Item 6. [Reserved]