SoFi stock falls after announcing $1.5B public offering of common stock
STUART, Fla. - Health In Tech (NASDAQ:HIT), an Insurtech platform company, announced Tuesday that its executive management team, vice presidents, and board of directors have voluntarily agreed to extend the lock-up restrictions on their shares for an additional six months. The company’s stock, currently trading at $1.63, has shown significant volatility with a 13% gain over the past week despite falling 68% over the last year, according to InvestingPro data.
The extension moves the lock-up expiration date from December 20, 2025, to June 20, 2026, beyond the original twelve-month restriction established following the company’s initial public offering last December.
"Our leadership team remains highly committed to the long-term growth of Health In Tech," said Tim Johnson, CEO of Health In Tech, in a press release statement.
Health In Tech completed its IPO in December 2024, raising gross proceeds of $9.2 million. According to the company, it has since continued investing in system enhancements, broadening its distribution network, and expanding service offerings across the self-funded healthcare ecosystem.
The company describes itself as an Insurtech platform backed by third-party AI technology that aims to improve processes in the healthcare industry through vertical integration, process simplification, and automation.
The lock-up extension affects all shares currently held by the company’s executive officers and board members, preventing them from selling or transferring these shares for the extended period.
In other recent news, Health In Tech, Inc. reported significant growth in its third-quarter earnings, with a 90% year-over-year increase in revenue, reaching $8.5 million. The company’s earnings per share met expectations at $0.01, as discussed in their recent earnings call. These financial results were detailed in a conference call, with a transcript available on the company’s website for further review. Additionally, Health In Tech announced the termination of Imran Yousuf from his role as chief technology officer. The termination was without cause and not due to any disagreements related to company operations or policies. This leadership change was disclosed in a filing with the Securities and Exchange Commission. No further details were provided about plans for filling the CTO position. These recent developments reflect ongoing changes and growth within the company.
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