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
Our common stock is listed on the New York Stock Exchange (“NYSE”) under the symbol “VOYG.” There is no established public trading market for our Class B common stock.
Holders
As of March 6, 2026, there were approximately 110 holders of record of VOYG Class A common stock and 2 holders of record of VOYG Class B common stock. These numbers do not include those who hold in “street name” or beneficial holders, whose shares are held of record by banks, brokers, financial institutions and other nominees.
Dividends
Since the IPO, we have not declared or paid any cash dividends on our Class A common stock. We currently intend to retain all available funds and any future earnings, if any, to provide working capital, support our operations, finance the growth and development of our business and reduce our net debt, and we do not currently intend to declare or pay any cash dividends in the foreseeable future. Except in certain limited circumstances, holders of o ur Class B common stock are not entitled to participate in any dividends declared by our board of directors. In addition, our ability to pay dividends is restricted by our Revolving Credit Facility, (as discussed in Part II, Item 8, “Notes to Consolidated Financial Statements— Note 11. Debt” contained within this Annual Report). Any de termination to declare dividends in the future will be at the discretion of our board of directors, subject to applicable laws, and will be dependent on a number of factors, including our earnings, capital requirements, overall financial condition and other factors our board of directors may deem relevant.
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Sale of Unregistered Equity Securities
The following sets forth information regarding all unregistered securities we have issued in the fiscal year ended December 31, 2025 not otherwise reported in a Current Report on Form 8-K or in our Quarterly Reports on Form 10-Q. Unless stated otherwise, the sale of the securities listed below were deemed to be exempt from registration pursuant to Section 4(a)(2) of the Securities Act, including Regulation D and Rule 506 promulgated thereunder, as transactions by an issuer not involving a public offering.
On October 24, 2025, we issued an aggregate of 322,393 shares of Class A common stock for $10.8 million in connection with our acquisition of ExoTerra Resource, LLC.
On November 19, 2025, we issued an aggregate of 528,780 shares of Class A common stock for $9.5 million in connection with our acquisition of Estes Energetics.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
The following table presents information with respect to purchases of Class A common stock of the Company made during the three months ended December 31, 2025:
Period Total Number of Shares Purchased (1)
Average Price Paid Per Share (1)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
Approximate Dollar Value (in 000s) of Shares that May Yet Be Purchased Under the Plans or Programs (1)
October 1, 2025 to October 31, 2025 — $ — — $ —
November 1, 2025 to November 30, 2025 6,666,464 23.83 6,666,464 83,671
December 1, 2025 to December 31, 2025 — — — —
Total 6,666,464 $ 23.83 6,666,464 $ 83,671
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(1) On November 12, 2025, we issued $435.0 million aggregate principal amount of our 0.75% Convertible Senior Notes due 2030 (the “2030 Convertible Notes”) and, in connection with the pricing of the 2030 Convertible Notes, we entered into a prepaid forward stock purchase transaction (“Prepaid Forward”) with one of the initial purchasers of the 2030 Convertible Notes or its affiliates (“Forward Counterparty”). The shares related to the Prepaid Forward are included in the table above. See Part II, Item 8, “Notes to Consolidated Financial Statements—Note 11. Debt” included elsewhere in this Annual Report.
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Stock Performance Graph
The following graph illustrates the total return from June 12, 2025 (the date our Class A common stock began trading on NYSE) through December 31, 2025, for (i) our Class A common stock, (ii) the Russell 2000 Index, and (iii) a customized peer group. The peer group, which was used by the Board’s Compensation Committee for compensation decisions, consisted of: Archer Aviation Inc., Astronics Corporation, BlackSky Technology Inc., Cadre Holdings, Inc., Ducommun Incorporated, Firefly Aerospace Inc., Globalstar Inc., Intuitive Machines Inc., Karman Holdings Inc., Kratos Defense & Security Solutions, Inc., Loar Holdings Inc., Mercury Systems, Inc., PHINIA Inc., Planet Labs PBC, QuantumScape Corp. and Redwire Corporation. The graph assumes that $100 was invested on June 12, 2025 in each of our Class A common stock, the Russell 2000 Index, and the customized peer group, and that any dividends were reinvested. The comparisons reflected in our graph are not intended to forecast the future performance of our stock and may not be indicative of our future performance.
Item 6. [RESERVED]
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