Insiders Buy $1.8M of RedCloud Shares at 24% Premium
RCT sits 30% above its 52-week low of $0.171.
Summary
RedCloud's largest shareholder and a board member are buying 7.2 million unregistered shares at $0.25, a 24% premium to yesterday's close, injecting about $1.8 million. Christina Byland takes 4.7 million shares and Dr. Nikolaus Senn takes 2.5 million. This comes as the company faces a Nasdaq delisting notice for low market value and has been tapping dilutive financing; insider buying at a premium is a notable vote of confidence. The placement is expected to close today.
Updates
· SEC 4 — Senn's purchase of 2.5 million shares at $0.25 closed on August 27, bringing his direct holdings to 10,151,524 shares.
At the time of this announcement, RCT was trading at $0.22 on NASDAQ in the Technology sector, with a market capitalization of approximately $13.8M. The 52-week trading range was $0.17 to $2.39. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.