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Claiborne Benson Smith, General Counsel and Corporate Secretary at Arq, Inc. (NASDAQ:ARQ), recently sold shares of the company. According to a recent SEC filing, Smith sold 5,202 shares on March 24 at a price of $4.68 per share, totaling approximately $24,345. The transaction comes amid significant market pressure on the $192 million market cap company, whose shares have declined about 40% year-to-date. InvestingPro analysis reveals high stock volatility and indicates the stock may be slightly overvalued at current levels.
This transaction was part of a "sell to cover" arrangement to satisfy tax withholding obligations related to the vesting of restricted stock awards. Following this sale, Smith retains ownership of 85,029 shares of Arq, Inc.
Additionally, on March 23, Smith acquired 23,952 shares of common stock through restricted stock awards, which will vest in three equal annual installments as part of the company’s long-term incentive plan.
In other recent news, Arq Inc reported its fourth-quarter 2024 earnings, revealing a loss per share of $0.03, which was below analyst expectations by $0.01. The company’s revenue for the quarter reached $27 million, falling short of the anticipated $28.33 million. Despite these setbacks, Arq Inc achieved a full-year revenue of $109 million in 2024, marking a 10% increase from the previous year. The company also improved its gross margin to 36.2% and reported an adjusted EBITDA of $7.7 million. Analysts from firms like ROTH Capital Partners (WA:CPAP) have shown interest in the company’s future prospects, particularly regarding the potential expansion of its Granular Activated Carbon Line Two. Arq Inc has set ambitious targets for 2025, including capital expenditures of $8-12 million and exploring new market opportunities. The company’s CEO, Bob Rasmus, emphasized the strategic advantage of Arq’s fully domestic supply chain, which may offer a competitive edge in the evolving market landscape.
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