MicroVision MOVIA lidar gains support on NVIDIA DRIVE AGX platform
In a recent SEC filing, Iridex Corp (NASDAQ:IRIX), a medical technology company with a market capitalization of $17.6 million and currently showing signs of rapid cash consumption according to InvestingPro analysis, reported that its Chief Financial Officer, Romeo R. Dizon, acquired 200 shares of the company’s common stock on May 29, 2025. The shares were purchased at a price of $0.985 each, amounting to a total transaction value of $197. Following this acquisition, Dizon holds a total of 12,465 shares in the company. The purchase comes as Iridex’s stock has declined 37.5% year-to-date, though InvestingPro analysis suggests the stock is currently undervalued. For deeper insights into insider trading patterns and additional ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro, covering this and 1,400+ other US stocks.
In other recent news, IRIDEX Corporation reported a net loss of $800,000 for the fourth quarter of 2024, which aligned with market expectations. The company posted revenue of $12.7 million, slightly surpassing forecasts and reflecting a 2% year-over-year increase. Additionally, IRIDEX achieved positive adjusted EBITDA for the first time, marking a significant improvement in its financial performance. Meanwhile, IRIDEX received a notification from Nasdaq regarding non-compliance with the minimum stockholder equity requirement, partly due to the classification of its Series B Preferred Stock as "temporary equity." The company plans to seek stockholder approval to reclassify this stock as "permanent equity" to regain compliance.
In corporate governance developments, the resignation of board members Kenneth E. Ludlum and Robert E. Grove was announced, aligning with a Rights Agreement with Novel Inspiration International Co., Ltd. The agreement mandates maintaining a five-member board, and these resignations fulfill that requirement. Furthermore, IRIDEX has amended its investor rights agreement with Novel Inspiration International to restrict asset disposition without unanimous board consent. These strategic moves are part of IRIDEX’s ongoing efforts to stabilize and improve its market position while adhering to corporate governance requirements.
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