Coretec Group CEO acquires $37,500 in company stock

In a recent move, Matthew Joseph Kappers, the outgoing Chief Executive Officer of Coretec Group Inc. (OTC:CRTG), has acquired shares of the company's common stock valued at $37,500. The acquisition, which took place on August 21, 2024, involved 3,750,000 shares at a price of $0.01 each. This transaction was made in lieu of cash payment for accrued liabilities that the company owed to Kappers.

Following this transaction, Kappers now owns a total of 12,397,194 shares in Coretec Group Inc. The shares were obtained as a direct ownership, which indicates that Kappers personally holds the shares rather than through a trust or other entity. It's important to note that this total does not include any additional shares that Kappers may acquire through the exercise of options as previously reported.

The timing of the transaction coincides with Kappers's resignation as CEO and as a member of the board of directors, effective the day before the transaction, on August 20, 2024. His signature on the SEC filing was dated September 9, 2024.

Investors often keep a close eye on insider transactions as they can provide insights into the executives' confidence in the company's prospects. The acquisition by Kappers could be interpreted as a sign of his ongoing belief in the value of the company, even as he steps down from his leadership role.

Coretec Group Inc., headquartered in Ann Arbor, Michigan, operates in the communications equipment sector and is known for its innovative technology solutions. The company's stock trades on the OTC markets under the ticker symbol CRTG.

InvestingPro Insights

In light of the recent insider transaction by Matthew Joseph Kappers, the former CEO of Coretec Group Inc. (OTC:CRTG), it's pertinent to consider the company's financial health and stock performance for a comprehensive understanding of its current market position. According to InvestingPro data, Coretec Group Inc. has a relatively small market capitalization of $4.55 million. The company's stock performance has been underwhelming, with a 1-week price total return of -11.31%, and over the past three months, the price has seen a significant drop of -19.89%.

Moreover, the InvestingPro Tips highlight a few critical concerns for potential investors. Coretec Group Inc. is quickly burning through cash, which is an alarming signal for sustainability and growth. Additionally, the stock has experienced high volatility, and the RSI suggests it is in overbought territory, which could indicate a potential price correction in the near future. It's also worth noting that Coretec Group Inc. does not pay a dividend, which might be a deciding factor for income-focused investors.

For those interested in a deeper analysis, InvestingPro offers additional insights on Coretec Group Inc., including a total of 9 InvestingPro Tips that can be accessed for more detailed investment strategies and considerations.

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