Brett Widney Hoge, a director at Sacks Parente Golf, Inc. (NASDAQ:SPGC), recently made a significant purchase of the company's common stock. According to a recent SEC filing, Hoge acquired 25,000 shares on December 13, 2024, at a price of $1.20 per share, totaling $30,000. The stock currently trades at $0.38, with InvestingPro data showing the company's market capitalization at just $620,000. According to InvestingPro's Fair Value analysis, the stock appears undervalued at current levels.
This transaction increases Hoge's direct ownership to 211,014 shares following the purchase. Additionally, Hoge was granted options to purchase 20,000 shares of common stock, with these options vesting quarterly over a twelve-quarter period and expiring on December 20, 2031, or the second anniversary of his separation date, whichever comes first. InvestingPro analysis reveals the stock has experienced significant volatility, falling over 95% year-to-date, though technical indicators suggest it may be oversold.
The filing also notes Hoge's holdings of Series A and Series B Warrants, each for 25,000 shares, with varying expiration dates contingent upon stockholder approval. These transactions reflect Hoge's continued investment and involvement in Sacks Parente Golf, a company focused on manufacturing golf equipment. While the company maintains more cash than debt on its balance sheet, InvestingPro data indicates a weak overall financial health score, with 18 additional key insights available to subscribers.
In other recent news, Sacks Parente Golf has made several strategic moves. The company announced the results of its annual shareholders' meeting, where all five director nominees were elected to serve on the Board of Directors for a term expiring at the 2025 annual meeting. The shareholders also ratified the appointment of Weinberg & Company, P.A. as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
In financial developments, Sacks Parente Golf has initiated an $8.4 million public offering. Priced at $1.20 per common unit and $1.199 for each pre-funded unit, the net proceeds are planned for general corporate purposes and working capital. This offering follows a registration statement filed with the SEC and is available through a prospectus from Aegis Capital Corp.
In addition, Newton Golf, a Sacks Parente company, has expanded its reach to the Japanese market, launching its Newton Motion shafts for sale through retail and e-commerce channels. This expansion is part of Newton Golf's strategic growth plan.
On the personnel front, Doug Samuelson has been appointed as the new Chief Financial Officer of Newton Golf following Steve Handy's resignation. Gregor Campbell has been confirmed as its Executive Chairman. These are recent developments that reflect the company's commitment to providing value to its shareholders.
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