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Larry Michael Mertz, the Chief Technology Officer of Accelerate Diagnostics, Inc. (NASDAQ:AXDX), a micro-cap diagnostics company with a market value of $16.62 million, recently reported a sale of company shares. According to a recent SEC filing, Mertz sold 1,523 shares at a price of $0.65 each, totaling $989. This transaction occurred on April 4, 2025, with the stock trading near its 52-week low of $0.62.
The sale was carried out to cover tax withholding obligations related to the vesting and settlement of restricted stock units (RSUs), as noted in the filing. This type of transaction, often referred to as "sell to cover," is a common practice for executives managing tax responsibilities. The transaction comes amid challenging times for the company, which has seen its stock decline by nearly 67% over the past six months.
Following this transaction, Mertz holds 84,803 shares of Accelerate Diagnostics. Additionally, the filing detailed that Mertz acquired 4,298 shares through the vesting of RSUs, which did not involve any monetary transaction. InvestingPro analysis reveals the company faces significant financial challenges, with a weak health score of 1.52 out of 5 and negative EBITDA of $31.89 million in the last twelve months. Subscribers can access 14 additional ProTips and a comprehensive research report for deeper insights into AXDX's financial position.
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 for 510(k) clearance. This system aims to provide rapid antimicrobial susceptibility testing results, potentially improving patient outcomes and reducing hospital costs. If approved, the WAVE system would expand the company's portfolio of rapid diagnostic solutions. In another development, Accelerate Diagnostics has been notified by the Nasdaq Stock Market of a potential delisting due to its market value falling below the required minimum. The company has until July 28, 2025, to regain compliance with Nasdaq's Market Value of Listed Securities requirement. Failure to meet this requirement could lead to delisting, although the company would have an opportunity to appeal. Accelerate Diagnostics is currently evaluating strategies to address this issue and maintain its Nasdaq listing. These recent developments highlight the company's ongoing efforts to innovate in diagnostics while navigating financial challenges.
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