Tore Ivar Slettemoen, a director at FREYR Battery, Inc. (NYSE:FREY), has recently sold a significant portion of the company's common stock amid high price volatility and a 7.7% decline in share price over the past week. According to a Form 4 filing with the Securities and Exchange Commission, Slettemoen disposed of a total of 1,144,588 shares in two separate transactions. InvestingPro analysis indicates the company currently trades below its Fair Value, with a strong current ratio of 6.36x suggesting robust short-term liquidity.
The sales occurred on December 13 and December 17, with shares sold at prices ranging from $1.63 to $1.74. The total value of these transactions amounted to approximately $1.93 million. Following these sales, Slettemoen retains ownership of 5,471,517 shares through Teknovekst UK Ltd, a company indirectly controlled by him.
The transactions reflect changes in Slettemoen's indirect ownership of FREYR Battery shares, as detailed in the filing's footnotes. These shares are held by Teknovekst UK Ltd, whose sole shareholder is Teknovekst Invest AS, with Teknovekst AS owning a majority stake in Teknovekst Invest. Slettemoen, as the sole owner of Teknovekst AS, disclaims beneficial ownership except to the extent of his pecuniary interest.
In other recent news, FREYR Battery has experienced significant changes in its executive team and financial performance. The company reported a net loss of $29 million in Q1 2024, which was followed by a narrower-than-expected loss of $27 million in Q2 2024, outperforming analysts' projections. Despite these losses, FREYR Battery maintained a cash position of $253 million with no outstanding debt.
The company also saw a shake-up in its executive team with CFO Evan Calio taking on additional responsibilities as the Principal Accounting Officer following the departure of Lori A. Papp, the firm's Chief Accounting Officer. FREYR Battery also announced the appointment of Daniel Barcelo as its new CEO with an annual base salary of $800,000.
In terms of strategic partnerships, FREYR Battery terminated its licensing agreements with 24M Technologies, relinquishing all rights to approximately 6.98 million shares of 24M's Series G preferred stock. Analysts at InvestingPro have noted that while the company maintains strong liquidity, it faces some financial challenges ahead.
In other developments, FREYR Battery secured a €122 million grant from the European Union Innovation Fund for a joint venture Cathode Active Material manufacturing project in Finland. The finalization of this grant is expected in the first quarter of 2025. These are the recent developments that investors might want to consider while making investment decisions.
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