Joseph Evan Calio, the Chief Financial Officer of FREYR Battery, Inc. (NYSE:FREY), has recently made significant purchases of the company's stock. According to a recent SEC filing, Calio acquired a total of 549,862 shares over three transactions conducted on December 12, 13, and 16, 2024. The shares were bought at prices ranging from $1.57 to $1.74 per share, amounting to a total investment of approximately $903,276. These purchases come as InvestingPro data shows FREY trading at a price-to-book ratio of 0.45, indicating potential undervaluation relative to its assets.
Following these transactions, Calio's direct ownership in FREYR Battery stands at 680,462 shares. These purchases reflect a substantial increase in his holdings, highlighting his confidence in the company's future prospects. FREYR Battery, a player in the electronic components and accessories sector with a market capitalization of $240.24 million, continues to attract attention with its recent developments and market activities. InvestingPro analysis reveals the company maintains a strong liquidity position with more cash than debt, though it currently shows weak overall financial health. For deeper insights into FREY's valuation and 12 additional ProTips, investors can access the comprehensive Pro Research Report on InvestingPro.
In other recent news, FREYR Battery has seen significant changes in its executive team and financial performance. The company reported a net loss of $29 million in Q1 2024 and a narrower-than-expected loss of $27 million in Q2 2024, outperforming analysts' projections. Despite these losses, FREYR Battery maintained a cash position of $253 million with no outstanding debt. In a major strategic move, the company terminated its licensing agreements with 24M Technologies, relinquishing all rights to approximately 6.98 million shares of 24M's Series G preferred stock.
Furthermore, FREYR Battery secured a €122 million grant from the European Union Innovation Fund for a joint venture Cathode Active Material manufacturing project in Finland, with the finalization expected in the first quarter of 2025. The company also announced the departure of Lori A. Papp, the firm's Chief Accounting Officer, and the appointment of Evan Calio as the Principal Accounting Officer.
Finally, FREYR Battery appointed Daniel Barcelo as its new CEO, with an annual base salary of $800,000. This came after the termination of Michael Brose as Chief Operating Officer, and the subsequent appointment of David Gustafson to the role. These developments represent recent changes in FREYR Battery's strategy and leadership.
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