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 for Common Stock
Our common stock began trading on the New York Stock Exchange under the symbol “YEXT” on April 13, 2017. Prior to that date, there was no public trading market for our common stock.
Dividend Policy
We have never declared or paid any dividends on our capital stock. We anticipate that we will retain any earnings to support operations and to finance the growth and development of our business. Accordingly, we do not expect to pay cash dividends on our common stock in the foreseeable future. In addition, our revolving credit facility agreement contains customary covenants restricting our ability to pay dividends.
Stockholders
As of February 28, 2024, there were 35 registered stockholders of record of our common stock. The number of registered stockholders of record does not include beneficial holders whose shares are held by banks, brokers and other institutions.
Sales of Unregistered Equity Securities
None.
Purchases of Equity Securities by the Issuer
The following table sets forth issuer purchases of equity securities related to our share repurchase program for the fiscal year ended January 31, 2024:
Period Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced program Approximate dollar value of shares that may yet to be purchased under the program (in millions)
February 1, 2023 - February 28, 2023 254,515 7.35 254,515 $ 20.7
March 1, 2023 - March 31, 2023 192,023 8.92 192,023 $ 19.0
April 1, 2023 - April 30, 2023 117,031 8.80 117,031 $ 18.0
May 1, 2023 - May 31, 2023 278,939 8.21 278,939 $ 15.7
June 1, 2023 - June 30, 2023 182,351 11.53 182,351 $ 13.6
July 1, 2023 - July 31, 2023 201,203 10.03 201,203 $ 11.6
August 1, 2023 - August 31, 2023 259,937 8.85 259,937 $ 9.3
September 1, 2023 - September 30, 2023 (1)
1,240,741 6.45 1,240,741 $ 51.2
October 1, 2023 - October 31, 2023 253,901 6.22 253,901 $ 49.7
November 1, 2023 - November 30, 2023 — — — $ 49.7
December 1, 2023 - December 31, 2023 — — — $ 49.7
January 1, 2024 - January 31, 2024 — — — $ 49.7
Total 2,980,641 2,980,641
(1) In September 2023, the Board of Directors authorized an additional $50.0 million to the share repurchase program.
See Note 10. "Equity", to our consolidated financial statements for further discussion on our share repurchase program.
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Securities Authorized for Issuance under Equity Compensation Plans
The following table sets forth information regarding our equity compensation plans as of January 31, 2024.
Plan category (a) Number of securities to be issued upon exercise of outstanding options, vesting of restricted stock, restricted stock units, and performance-based restricted stock units (b) Weighted-average exercise price of outstanding options (1)
(c) Number of securities remaining available for future issuance under equity compensation plans (excludes securities reflected in column (a))
Equity compensation plans approved by security holders (2) 14,617,242 (3) $ 6.26 9,345,275 (4)
Equity compensation plans not approved by security holders 2,000,000 — — (5)
Total 16,617,242 $ 6.26 9,345,275
(1) The weighted-average exercise price is calculated based solely on the exercise prices of the outstanding options to purchase shares of our common stock. It does not reflect the shares of our common stock that will be issued upon the vesting of outstanding restricted stock, restricted stock units and performance-based restricted stock units.
(2) These plans consist of our 2008 Equity Incentive Plan, 2016 Equity Incentive Plan and 2017 Employee Stock Purchase Plan. The 2008 Equity Incentive Plan was terminated in connection with the adoption of the 2016 Equity Incentive Plan and since its termination, we have not granted and will not grant any additional awards under the 2008 Equity Incentive Plan. However, the 2008 Equity Incentive Plan will continue to govern the terms and conditions of the outstanding awards previously granted thereunder.
(3) This amount includes 2,021,494 shares subject to outstanding options, 9,790,748 shares subject to outstanding restricted stock and restricted stock units, and 2,805,000 shares subject to outstanding performance-based restricted stock units granted under our 2008 Equity Incentive Plan and 2016 Equity Incentive Plan.
(4) This amount includes 4,844,507 shares of our common stock available for issuance under our 2016 Equity Incentive Plan and 4,500,768 shares of our common stock available for issuance under our 2017 Employee Stock Purchase Plan. The number of shares available for issuance under these plans automatically increase each February 1 st subject to the terms of the respective plans and such future increases are not reflected in the table above.
(5) In March 2022, we made a grant to an executive in the form of 2,000,000 performance-based restricted stock units. This grant was outside of the Company’s 2016 Equity Incentive Plan in reliance on the inducement award exception contained in NYSE Listing Rule 303A.08.
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Performance Graph
The following shall not be deemed soliciting material or to be filed with the SEC, nor shall such information be incorporated by reference into any of our other filings under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended.
The graph below compares the cumulative total stockholder return on our common stock with the cumulative total return on the Standard & Poor’s 500 Index and the Nasdaq Computer Index. The graph assumes an initial investment of $100 in our common stock at the market close on April 13, 2017, which was our initial trading day. Data for the Standard & Poor’s 500 Index and the Nasdaq Computer Index assume reinvestment of dividends.
The comparisons in the graph below are based upon historical data and are not indicative of, nor intended to forecast, future performance of our common stock.
Item 6. [Reserved]
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