William Henry Gray, the CEO and a significant shareholder of Wytec International Inc. (NASDAQ:WYTC), recently acquired additional shares of the company. According to a Form 4 filing with the Securities and Exchange Commission, Gray purchased a total of 500 shares over five consecutive days from January 13 to January 17, 2025. The purchase prices ranged from $0.98 to $1.04 per share, bringing the total transaction value to $507. These purchases come as the stock trades near its 52-week low of $0.60, despite a 26.35% gain year-to-date. InvestingPro data shows the stock has experienced significant price volatility.
Following these transactions, Gray's total direct ownership of Wytec International's common stock increased to 3,202,847 shares. These acquisitions highlight Gray's continued investment in the telecommunications company, which is based in San Antonio, Texas. InvestingPro analysis reveals the company currently maintains a weak financial health score of 1.49, with short-term obligations exceeding liquid assets. Subscribers can access 5 additional key ProTips and comprehensive financial metrics for deeper insight into WYTC's performance.
In other recent news, Wytec International has made a significant amendment with director Christopher Stuart to extend the maturity date of a $625,000 unsecured promissory note, as disclosed in an 8-K filing with the Securities and Exchange Commission. This adjustment comes as the company faces liquidity challenges, with a current ratio of 0.07 highlighting short-term obligations surpassing liquid assets. The new agreement allows for the note's maturity date to be extended by nine additional six-month periods, differing from the previously agreed seven.
In addition, the amendment also delays the expiration date of several series of common stock purchase warrants owned by Mr. Stuart. The affected warrants include those issued on December 11, 2023, and February 17, 2022, with the new expiration date set for December 31, 2025. These recent developments reflect the company's efforts to manage its financial position, which currently shows an EBITDA of -$4.53 million and revenue of $0.14 million in the last twelve months.
This financial restructuring measure alters the rights of security holders, changing the terms under which the warrants can be exercised and the note repaid. Wytec International has disclosed full details of the amendment as Exhibit 10.1 in the 8-K report, in line with regulatory requirements.
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