In a recent transaction, Nealis Jing, the Chief Financial Officer of SES AI Corp (NASDAQ:NYSE:SES), executed a stock sale valued at $153,000. This transaction involved the sale of 150,000 shares of Class A Common Stock at a price of $1.02 per share, notably below the current trading price of $2.39. The sale was part of a previously established Rule 10b5-1 trading plan. According to InvestingPro data, SES stock has shown remarkable volatility, delivering a striking 478% return in the past week alone.
Additionally, Jing exercised stock options to acquire 150,000 shares at a price of $0.16 per share, with the total value of these transactions amounting to $24,000. Following these transactions, Jing holds 1,935,322 shares of SES AI Corp, which includes shares underlying restricted stock units and unvested shares from previous awards. These transactions were reported in a Form 4 filing with the Securities and Exchange Commission. The company maintains strong liquidity with a current ratio of 15.24, and InvestingPro analysis reveals 15 additional key insights about SES's financial health and market position.
In other recent news, EV battery maker SES AI has reported significant advancements in its lithium metal battery technology and AI solutions during its third quarter 2024 earnings call. The company highlighted the successful completion of key safety tests for its 100 mPOWER lithium metal B-sample cells and the establishment of supply agreements, including one with SoftBank (TYO:9984), expected to generate substantial revenue. The company's operating expenses for the quarter were reported at $34.2 million, with cash usage for 2024 forecasted between $80-$95 million. SES AI ended the quarter with $274 million in liquidity, ensuring a robust balance sheet through 2028.
Additionally, SES AI announced the immediate departure of Brian Krzanich from its Board of Directors. The resignation comes in the wake of Krzanich's appointment as Chief Executive Officer of Cerence Inc (NASDAQ:CRNC)., leading to his inability to allocate the necessary time and attention to SES AI. The company has not yet announced a successor or detailed any changes to the board's structure following Krzanich's exit.
These developments come amidst a record-breaking surge in SES AI's shares, with a one-day increase of as much as 168%. This marks the fourth consecutive session of gains for the company's stock, leading to a massive surge of approximately 300% over this period. Despite this significant rise, SES AI's shares are still down by roughly 7% for the year to date.
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