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Jack Phillips, the Chief Executive Officer of Accelerate Diagnostics Inc . (NASDAQ:AXDX), a micro-cap diagnostics company with a market value of $16.6 million and currently trading near its 52-week low, recently sold a portion of his holdings in the company. According to InvestingPro data, the company's financial health score stands at WEAK, with significant debt obligations. According to a filing with the Securities and Exchange Commission, Phillips sold 25,343 shares of common stock on April 4, 2025, at a price of $0.65 per share, amounting to a total of $16,472. This sale was executed to cover tax withholding obligations related to the vesting of restricted stock units (RSUs).
In addition to the sale, Phillips acquired 53,283 shares through the vesting of RSUs, which were converted into common stock. These RSUs were part of a grant awarded on April 4, 2022, with a vesting schedule that spanned two years. Following these transactions, Phillips now holds 191,374 shares directly.
In other recent news, Accelerate Diagnostics has submitted its Accelerate WAVE™ system and associated test kit for gram-negative bacteria to the U.S. Food and Drug Administration (FDA) for 510(k) clearance. This move aims to bring to market a system that provides rapid antimicrobial susceptibility testing results, potentially improving patient outcomes by enabling quicker targeted antimicrobial therapy. The company hopes to expand its portfolio of rapid diagnostic solutions with this submission, contingent upon FDA approval. In a separate development, Accelerate Diagnostics faces a potential delisting from the Nasdaq Stock Market due to its Market Value of Listed Securities falling below the required $35 million threshold. The company has until July 28, 2025, to regain compliance by maintaining a market value of $35 million or more for at least ten consecutive business days. Failure to meet this requirement could lead to delisting, although the company would have the opportunity to appeal. Accelerate Diagnostics is currently evaluating strategies to address this issue and maintain its Nasdaq listing. These developments highlight significant challenges and opportunities for the company as it navigates regulatory and market pressures.
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