Joseph E. LoConti, a significant shareholder of Range Impact, Inc. (NASDAQ:RNGE), recently acquired a substantial amount of the company's common stock. According to a Form 4 filing with the Securities and Exchange Commission, LoConti purchased 3,333,333 shares at a price of $0.15 per share on January 21, amounting to a total investment of approximately $499,999. The purchase comes as the stock trades near its 52-week low of $0.15, with InvestingPro data showing a current market capitalization of $17.28 million.
Following this transaction, LoConti holds a total of 16,797,146 shares indirectly through Tower IV LLC. Additionally, he maintains holdings of 1,281,042 shares through 4260 Winchell Road, LLC, and 4,842,377 shares through Paragon Small Cap Fund I, LP. Directly, LoConti owns 1,263,891 shares.
These transactions underscore LoConti's continued confidence in Range Impact, a company involved in heavy construction outside of building construction.
In other recent news, Range Impact Inc. disclosed an adjustment to its Q1 financials due to an accounting error. The heavy construction company reported that an invoice from March was incorrectly recorded in April's books, resulting in an understatement of expenses and an overstatement of net income for the first quarter. The restatement increased the company's net loss for the quarter from $751,149 to $1,213,840, and liabilities as of March 31, from $11,993,151 to $12,455,842. This discovery led to an amended Form 10-Q/A filing on August 8, 2024, which included restated financial statements and updated management's discussion and analysis.
Furthermore, Range Impact Inc. has adopted new bylaws and affirmed the exclusive forum provision. The new bylaws, reflecting the company's name change and clarifying the legal jurisdictions for potential disputes, were part of the company's regular review of its governance policies. The Board of Directors made this corporate governance move to ensure alignment with the company's strategic direction. The company, previously known as Malachite Innovations, Inc., Vitality Biopharma, Inc., and Stevia First Corp., has undergone several name changes, with the most recent one happening on October 12, 2021.
These recent developments reflect Range Impact Inc.'s ongoing efforts to maintain transparent and effective corporate management practices. The full text of the new bylaws was filed with the SEC as part of the 8-K filing as Exhibit 3.1.
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