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Greg Wiggins, Chief Financial Officer of Boxlight Corp (NASDAQ:BOXL), recently sold 38 shares of the company’s Class A common stock, according to an SEC filing dated April 1, 2025. The shares were sold at a price of $10.70 each, generating a total value of $406. The transaction comes as Boxlight’s stock has experienced significant volatility, with shares down nearly 54% over the past year and trading at $1.28, according to InvestingPro data.
The filing indicates that the sale was made to cover tax withholding obligations related to the vesting of restricted stock units (RSUs) held by Wiggins. These transactions are part of an automatic and routine process mandated by Boxlight’s equity incentive plan and are not discretionary trades by Wiggins. InvestingPro analysis indicates the company faces several challenges, including significant debt burden and negative free cash flow. Subscribers can access 15+ additional ProTips and detailed financial metrics in the comprehensive Pro Research Report.
Following this transaction, Wiggins holds 1,523 shares, which include 437 shares of Class A common stock and 1,086 RSUs subject to vesting conditions. The reported share numbers reflect adjustments due to a 1-for-5 reverse stock split conducted by Boxlight effective February 14, 2025. Based on current market conditions and InvestingPro Fair Value calculations, the stock appears to be undervalued despite its weak financial health score of 1.62 out of 5.
In other recent news, Boxlight Corp announced preliminary financial results for the year ending December 31, 2024. The company reported a decrease in consolidated net revenues to approximately $137.1 million, down from $176.7 million the previous year. Despite the decline in revenue, Boxlight projects an improvement in its operating loss, estimating it to be between $18.5 million and $19.5 million, compared to $26.3 million in 2023. The gross profit margin is estimated at 34.6%, slightly down from 35.8% the previous year, while operating expenses are expected to significantly reduce to between $66.0 million and $67.0 million from $89.6 million in 2023.
Additionally, Boxlight announced a 1-for-5 reverse stock split of its Class A common stock to comply with Nasdaq’s minimum bid price requirement. The reverse stock split is set to take effect on February 14, 2025, with trading on a split-adjusted basis beginning on February 18, 2025. This move will reduce the total number of authorized shares of Class A common stock from 18,750,000 to 3,750,000. Boxlight’s reverse stock split is part of its efforts to maintain its listing on the Nasdaq Capital Market. These recent developments reflect Boxlight’s ongoing strategies to address financial and regulatory challenges.
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