Safety Shot, Inc., a significant shareholder in SRM Entertainment, Inc. (NASDAQ:SRM), has sold a considerable portion of its holdings in the company, according to a recent SEC filing. On December 4, Safety Shot sold 259,000 shares of SRM Entertainment's common stock on the open market, with prices ranging from $1.00 to $1.17 per share. The stock, which has shown high price volatility according to InvestingPro data, is currently trading at $0.77, significantly below its 52-week high of $3.08. This transaction was followed by the sale of an additional 187,498 shares on December 5, at prices between $0.786 and $0.822 per share. The total value of these sales amounted to approximately $457,000.
Following these transactions, Safety Shot's ownership in SRM Entertainment has decreased to 2,989,507 shares. The sales were executed directly by Safety Shot, which holds more than a ten percent stake in SRM Entertainment.
In other recent news, SRM Entertainment, Inc. has reported significant developments. The company has been notified by The Nasdaq Stock Market LLC about its failure to meet the minimum bid price requirement, but remains listed on The Nasdaq Capital Market. SRM Entertainment has until April 21, 2025, to regain compliance by maintaining a closing bid price of at least $1.00 per share for ten consecutive business days.
Simultaneously, the company has entered into a new employment agreement with CEO Richard Miller. The revised contract includes an initial annual base salary of $225,000 for Miller, with a guaranteed minimum increase of 10% each subsequent year, as well as performance-based incentives tied to revenue thresholds and equity incentive grants linked to the company's market capitalization achievements.
In a strategic move, SRM Entertainment has acquired assets related to the movie "The Kid" from Suretone Entertainment for a total of $3 million. The payment for this acquisition includes $250,000 in cash, 1.5 million restricted shares of SRM Entertainment's common stock, and a secured promissory note worth $1.5 million, carrying an 8% annual interest rate and set to mature in 2025. These recent developments reflect SRM Entertainment's ongoing efforts to motivate leadership, drive growth, and diversify its portfolio.
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