Peter Kamin, a director and significant shareholder in Psychemedics Corp (NASDAQ:PMD), recently sold a substantial portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Kamin disposed of 320,708 shares of common stock on December 10, 2024, at a price of $2.35 per share, below the current trading price of $2.67. This transaction amounted to a total of $753,663 in the micro-cap company, which currently has a market capitalization of $15.62 million. InvestingPro data shows PMD has delivered strong returns recently, with a 15.7% gain in the past week.
Following this sale, Kamin retains ownership of 1,499,710 shares indirectly through various trusts and partnerships. The shares were repurchased by Psychemedics Corp as part of a stock repurchase agreement, which was finalized after the company's recent reverse stock split. The sale was conducted through 3K Limited Partnership, where Kamin acts as the general partner. InvestingPro analysis indicates the company maintains a FAIR financial health score, though it's currently not profitable over the last twelve months. Subscribers can access 7 additional ProTips and comprehensive financial metrics for PMD.
In other recent news, Psychemedics Corporation has successfully completed a series of share transactions and finalized a reverse stock split, according to recent SEC filings. The company repurchased 320,708 shares from 3K at the same per-share price, after 3K initially acquired 1,409,712 shares of Psychemedics' common stock. Additionally, the funds provided by 3K were also used for working capital and general corporate purposes, contributing an additional $500,000.
In other developments, shareholders of Psychemedics Corporation approved a series of propositions during their annual meeting. These include the endorsement of a reverse and forward stock split, the re-election of five directors to the board, and the approval of executive officers' compensation. The ratified amendments to the corporation's certificate of incorporation will allow a reverse stock split at a ratio between 1-for-4,000 and 1-for-6,000, immediately followed by a forward stock split at a ratio between 4,000-for-1 and 6,000-for-1.
Whitley Penn LLP has been appointed as the independent registered public accounting firm for the fiscal year ending December 31, 2024. Furthermore, the terms and conditions of the Stock Purchase Agreement, dated August 12, 2024, involving key stakeholders such as 3K Limited Partnership and trusts associated with Peter H. Kamin, have been accepted. These are the latest developments for Psychemedics Corporation.
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