Microvast Holdings announces departure of chief financial officer
William Moore, a director at Iridex Corp (NASDAQ:IRIX), recently acquired additional shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. The medical technology company, currently valued at approximately $20 million, has seen its stock decline nearly 30% year-to-date, though InvestingPro analysis suggests the shares are currently undervalued. On April 28 and 29, Moore purchased a total of 19,710 shares at a weighted average price of $1.2067 per share, with prices ranging from $1.17 to $1.24. The total value of these purchases amounted to $24,143. Following these transactions, Moore’s direct ownership in Iridex totals 121,150 shares. Additionally, Moore holds indirect ownership of 69,300 shares through his spouse and 30,026 shares through a trust. According to InvestingPro data, while the company faces profitability challenges with negative EBITDA of $8 million, it maintains a moderate debt level and trades at an attractive revenue multiple. Discover 5 more exclusive InvestingPro Tips and comprehensive analysis in the Pro Research Report.
In other recent news, IRIDEX Corporation reported its financial results for the fourth quarter of 2024, showing a net loss of $800,000 or $0.05 per share, aligning with market expectations. The company’s revenue for the quarter was $12.7 million, slightly exceeding forecasts and reflecting a 2% year-over-year increase and a 10% sequential growth. Additionally, IRIDEX achieved positive adjusted EBITDA for the first time, marking a significant milestone in its financial performance. The company also announced a strategic investment from Novel Innovations, enhancing its growth prospects with a $10 million investment and an option for an additional $10 million for future initiatives.
In corporate governance developments, IRIDEX saw changes in its Board of Directors following a Rights Agreement with Novel Inspiration International Co., Ltd. Kenneth E. Ludlum and Robert E. Grove resigned from the Board to comply with the agreement, which maintains the Board’s size at five directors. These resignations were not due to disagreements with the company but were part of the contractual obligations arising from the Novel Transaction (JO:NTUJ). The Board expressed gratitude for their contributions, and no successors have been announced yet.
These recent developments indicate IRIDEX’s ongoing efforts to align its corporate structure with strategic investments and partnerships. The strategic investment by Novel Innovations underscores a commitment to strengthening IRIDEX’s market position in the ophthalmology sector. The company plans to discuss its evolving strategy in an upcoming special call in mid-April.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.