Platinum Equity Advisors, LLC, a significant shareholder in Healthcare Integrated Technologies Inc. (OTC:HITC), reported the sale of 600,000 shares of common stock on December 20, 2024. The shares were sold at a price of $0.10 each, amounting to a total transaction value of $60,000. The stock currently trades at $0.14, representing a significant 74% gain year-to-date, despite the company's weak gross profit margins of 25.5%. Following this sale, Platinum Equity Advisors retains ownership of 11,064,854 shares in the company. The transaction was disclosed in a recent SEC filing, underscoring the firm's continued investment in the healthcare technology sector. With a market capitalization of approximately $16 million and an overall Financial Health score rated as "GOOD" by InvestingPro, investors can access additional insights and metrics through the platform's comprehensive analysis tools.
In other recent news, Healthcare Integrated Technologies Inc. announced the immediate resignation of Ryan E. Holland from its Board of Directors. The company clarified in a statement that Holland's decision was not due to any disputes or disagreements regarding the company's operations, policies, or practices. The departure appears to be amicable, with no contentious issues cited for his resignation.
Healthcare Integrated Technologies is currently seeking a replacement for Holland as part of its ongoing governance and oversight adjustments. The Tennessee-based company has not indicated any immediate impact on its operations or strategic direction following Holland's resignation.
The search for a new board member is underway, according to the company's recent press release. These developments come as Healthcare Integrated Technologies continues to navigate the market under the leadership of CEO and Chairman of the Board, Scott M. Boruff. The company is recognized for its commitment to integrating technology into healthcare services to improve the efficiency and effectiveness of healthcare delivery.
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