Sacks Parente Golf, Inc. (NASDAQ:SPGC) director Brett Hoge recently acquired 25,000 shares of the company's common stock, according to a recent SEC filing. The shares were purchased on December 13, 2024, at a price of $1.20 per share, totaling $30,000. The purchase comes as the stock trades near $0.30, down over 95% year-to-date, with InvestingPro analysis indicating the stock is currently undervalued.
In addition to the common stock purchase, Hoge also acquired Series A and Series B Warrants. Each warrant allows the purchase of one share of common stock at an exercise price of $2.40 per share. The Series A Warrants will expire five years from the date the company obtains stockholder approval, while the Series B Warrants will expire two and a half years after such approval. Both warrant series include provisions for price adjustments and share issuance changes.
Following these transactions, Hoge holds a total of 211,014 shares directly.
In other recent news, Sacks Parente Golf, Inc. made notable announcements, including a successful board election and an $8.4 million public offering. The company elected five directors, Dr. Greg Campbell, Jane Casanta, Brett Hoge, Dottie Pepper, and Akinobu Yorihiro, to serve a one-year term, while shareholders ratified the appointment of Weinberg & Company, P.A. as the independent auditor for the fiscal year ending December 31, 2024. The public offering, priced at $1.20 per common unit and $1.199 per pre-funded unit, is planned to support general corporate purposes and working capital.
In addition, the company's subsidiary, Newton Golf, expanded its reach to the Japanese market, launching Newton Motion shafts through retail and e-commerce channels. This development is part of Newton Golf's strategic expansion plan. Newton Golf also announced significant changes in its executive team, appointing Doug Samuelson as its new Chief Financial Officer following Steve Handy's resignation and confirming Gregor Campbell as its Executive Chairman.
These recent developments reflect Sacks Parente Golf's commitment to shareholder value and corporate governance. The company maintains impressive gross profit margins of 61%, according to InvestingPro data. However, analysts caution that the company's forward-looking statements about product development and business expansion are not guarantees of future performance.
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