On December 16, Donald McClymont, the Chief Executive Officer of indie Semiconductor, Inc. (NASDAQ:INDI), an $843 million market cap company showing strong revenue growth of 23% year-over-year, executed a series of stock transactions, according to a recent SEC filing. McClymont sold 50,000 shares of Class A Common Stock at a weighted average price of $4.31, totaling approximately $215,499. This sale was part of a trading plan under Rule 10b5-1, which allows company insiders to set up a predetermined plan for selling stocks.
In addition to the sale, McClymont also converted 50,000 ADK Class A Units into Class A Common Stock, a transaction that did not involve any cash exchange. Following these transactions, McClymont holds 18,351 shares directly, with an additional 68,115 shares held indirectly by his spouse. According to InvestingPro analysis, INDI appears undervalued despite experiencing high price volatility and a 32% decline over the past six months.
These transactions reflect McClymont's ongoing management of his equity holdings in indie Semiconductor, a company focused on semiconductor solutions for the automotive industry. The company maintains strong liquidity with a current ratio of 2.39, demonstrating solid financial health despite market fluctuations.
In other recent news, indie Semiconductor, Inc. announced its intention to offer $175 million in Convertible Senior Notes due in 2029. The notes offering aims at qualified institutional buyers and the proceeds will be used for working capital and general corporate purposes, possibly including acquisitions. Alongside this, indie Semiconductor reported a third-quarter revenue of $54 million, surpassing its previous guidance, and a non-GAAP gross profit of $27.2 million. However, the company also experienced a non-GAAP operating loss of $16.8 million and a net loss of $17.7 million.
Looking ahead, the company projects fourth-quarter revenue estimates between $56 million and $60 million, indicating over 7% sequential growth. Due to recent design wins with major Original Equipment Manufacturers (OEMs) such as Porsche and General Motors (NYSE:GM), the company's strategic backlog has grown to $7.1 billion, with Advanced Driver Assistance Systems (ADAS) constituting over 72% of the backlog. These are some of the recent developments for indie Semiconductor, a company maintaining a healthy current ratio of 2.39, indicating strong short-term liquidity.
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