Trump announces trade deal with EU following months of negotiations
PALO ALTO, CA—Bentley Sheldon Richard, the founder and a major shareholder of Cloudastructure , Inc. (NASDAQ:CSAI), sold a significant portion of his holdings according to a recent SEC filing. The transaction comes as the company, currently valued at $42.6 million, has seen its stock decline by over 91% in the past year, according to InvestingPro data. On May 22 and 23, Richard sold a total of 20,255 shares of Class A Common Stock. These transactions were executed at prices ranging from $2.74 to $3.06 per share, amounting to a total sale value of $58,582.
Following these transactions, Richard holds 320,451 shares of Cloudastructure. The shares sold were initially acquired through the conversion of Class B Common Stock, which Richard no longer holds.
In other recent news, Cloudastructure has announced its expansion into the construction sector with the sale of its Mobile Surveillance Trailer Alpha™ to a prominent U.S. construction firm focused on renewable energy projects. This strategic move aims to address the security needs of construction sites with AI-enhanced video surveillance. In financial developments, Cloudastructure has secured an additional $3 million investment through Series 2 Convertible Preferred Stock, following a prior $4.5 million raise. This funding will support the company’s growth and the enhancement of its AI-powered security solutions. Furthermore, Cloudastructure has expanded its partnership with a leading U.S. real estate firm to deploy its security technology across multiple multifamily communities. The company also modified its agreement with Streeterville Capital, adjusting the conversion terms for its Series 1 Convertible Preferred Stock. These developments highlight Cloudastructure’s ongoing efforts to innovate and expand its market presence across various sectors.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.