Dallas, TX—Jeff Welday, Global Head of Organizations and Distribution at Beneficient (NASDAQ:BENF), has reported a series of stock sales totaling $2,062, according to a recent SEC filing. The transactions, carried out between December 13 and December 17, involved the sale of Class A common stock at prices ranging from $0.75 to $0.81 per share. The micro-cap company, currently valued at just $4.06 million, has seen its stock price decline by 98% year-to-date, according to InvestingPro data.
Welday sold 455 shares on December 13 at $0.80 each, 1,120 shares on December 16 at $0.81, and 1,055 shares on December 17 at $0.75. Following these transactions, Welday retains ownership of 95,326 shares of Beneficient. The sales were made to cover tax withholding obligations related to the vesting and settlement of restricted stock units. InvestingPro analysis indicates the stock generally trades with high price volatility, with 11 additional key insights available to subscribers. The company currently shows a WEAK financial health score, suggesting potential challenges ahead.
In other recent news, Beneficient has announced an agreement to acquire Mercantile Bank (NASDAQ:MBWM) International Corp. for $1.5 million, a move expected to expand the company's range of services and client base. The transaction is anticipated to finalize in the second quarter of 2025, subject to regulatory approval. Beneficient also recently regained compliance with Nasdaq's requirements, ensuring its continued listing on the exchange.
In addition, Beneficient has appointed Karen J. Wendel (EPA:MWDP) to its Board of Directors, a move expected to enhance decision-making at the board level given Wendel's expertise in areas such as banking, technology mergers, and cybersecurity.
For Q2 of fiscal 2025, Beneficient reported a net income of $9.7 million, marking its second consecutive quarter of profitability. The company also reported improvements in permanent equity by $126 million and a significant 31.9% reduction in operating expenses. Despite a 55.9% decline in year-to-date net income and a 28% fall in year-to-date distributions compared to the previous year, Beneficient anticipates growth in demand for liquidity in its target markets, potentially expanding from $60 billion to $100 billion over the next five years. These are some of the recent developments for Beneficient.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.