Peter Mandel, the General Counsel of 374Water Inc. (NASDAQ:SCWO), recently acquired shares in the company, according to an SEC filing. On November 18, Mandel purchased 10,800 shares of common stock at a price of $1.25 per share, totaling $13,500. This transaction increased his holdings to 258,575 shares.
In addition to the stock purchase, Mandel was granted 247,775 restricted stock units on November 15, though these were acquired without any monetary exchange. Furthermore, Mandel acquired 16,200 warrants with an exercise price of $1.125 per share, which also contribute to his overall shareholding.
These transactions reflect Mandel's growing stake in 374Water, a company focused on innovative solutions for sustainable waste management.
In other recent news, 374Water Inc. has secured about $12.2 million through a registered direct offering, selling shares and warrants. The company sold nearly 9.8 million shares of common stock along with warrants to buy an additional 14.7 million shares. The warrants, exercisable immediately upon issuance, are priced at $1.125 per share and will remain valid for five years. The company expects the gross proceeds before fees and expenses to be around the $12.2 million mark. D. Boral (OTC:BOALY) Capital LLC is serving as the exclusive placement agent for the offering.
In other developments, 374Water Inc. has commenced operations of its AirSCWO technology at the Iron Bridge Regional Water Reclamation Facility in Orlando, marking a significant step in commercial biosolids processing. The Florida Department of Environmental Protection supported the installation with a grant under the Bilateral Infrastructure Law emerging contaminant funding. The CEO of 374Water, Chris Gannon, highlighted the operational success in Orlando as crucial for showcasing the technology's capacity to manage organic waste streams at scale. The company anticipates additional commitments across the United States, including a deployment to Orange County Sanitation in 2025.
InvestingPro Insights
Peter Mandel's recent acquisition of 374Water Inc. (NASDAQ:SCWO) shares comes at a time when the company's stock has experienced significant volatility. According to InvestingPro data, SCWO's stock has taken a substantial hit over the last week, with a 1-week price total return of -26.16%. This decline extends to a -40.46% return over the past month, suggesting a challenging market environment for the company.
Despite these short-term setbacks, it's worth noting that 374Water holds more cash than debt on its balance sheet, as highlighted by an InvestingPro Tip. This financial position could provide the company with some stability as it navigates current market conditions and pursues its innovative waste management solutions.
Another InvestingPro Tip indicates that SCWO is a niche player in its industry, which aligns with the company's focus on sustainable waste management technologies. This specialization could be a double-edged sword, potentially offering unique market opportunities but also exposing the company to industry-specific risks.
For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for 374Water Inc., providing deeper insights into the company's financial health and market position.
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