Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

CEG Parent

Our common stock is listed on the Nasdaq (trading symbol: CEG). As of January 31, 2023 there were 327,131,082 shares of common stock outstanding and approximately 75,145 record holders of common stock.

Stock Performance Graph

The performance graph below illustrates a one-year comparison of cumulative total returns based on an initial investment of $100 in CEG Parent common stock, as compared with the S&P 500 Stock Index and the Philadelphia Utility Sector Index, or UTY, for the year 2022.

This performance chart assumes:

• $100 invested on February 1, 2022, in CEG Parent common stock, the S&P 500 Stock Index, and the UTY, and

• All dividends are reinvested.

Constellation

As of January 31, 2023, CEG Parent directly held the entire membership interest in Constellation.

Dividends

As a Pennsylvania corporation, Constellation is subject to certain restrictions on dividends under Pennsylvania corporate law. Generally, a corporation may only pay dividends under the Pennsylvania Business Corporation Law if the total assets of the corporation would be more than the sum of its total liabilities plus the amount that would be needed, if the corporation were to be dissolved at the time as of which the distribution is measured, to satisfy the preferential rights upon dissolution of shareholders whose preferential rights are superior to those receiving the distribution.

Constellation's revolving credit facility contains a covenant requiring it to maintain a consolidated leverage ratio calculated as the ratio of its consolidated indebtedness to its consolidated earnings before interest, taxes, depreciation and amortization. Maintaining that ratio may affect Constellation's ability to make distributions to the CEG Parent.

Our Board of Directors approved an updated dividend policy for 2023. The 2023 quarterly dividend will be $0.2820 per share.

The following table sets forth Constellation’s quarterly cash dividends per share paid during 2022.

First Quarter 2023 Dividend

On February 15, 2023, our Board of Directors declared a regular quarterly dividend of $0.2820 per share on our common stock for the first quarter of 2023. The dividend is payable on Friday, March 10, 2023, to shareholders of record as of 5 p.m. Eastern time on Monday, February 27, 2023.

Unregistered Sales of Equity Securities

None.

Issuer Purchases of Equity Securities

None.