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Stephen Sonne, the Chief Legal Officer of Palladyne AI Corp. (NASDAQ:PDYN), a technology company currently valued at $207 million with impressive gross profit margins of 55%, has executed a stock sale according to a recent SEC filing. According to InvestingPro data, the stock has shown significant volatility recently, declining over 22% in the past week. On February 24, Sonne sold 10,529 shares of common stock at prices ranging from $6.43 to $7.36, with a weighted average price of $7.03 per share. This transaction was valued at approximately $74,014.
The sale was conducted to cover income tax liabilities associated with the vesting of restricted stock unit awards. Following this sale, Sonne retains ownership of 127,218 shares, which includes shares represented by restricted stock units (RSUs). The transaction was part of a sell-to-cover arrangement, indicating that it was not a discretionary sale by Sonne.
In other recent news, Palladyne AI Corp. has reported a 27% increase in year-over-year revenues and a significant 73% decrease in operating expenses for 2024, alongside a strengthened balance sheet with $40.1 million in cash and marketable securities. The company also raised an additional $14.4 million in early 2025. Palladyne AI announced a new contract with the Air Force Research Laboratory to adapt its Pilot AI software to new U.S.-made AI computing chipsets, a project that will span 26 months. The company anticipates the commercial release of its Palladyne Pilot software for drones by the end of the first quarter of 2025. In corporate governance, Michael Young, with extensive experience from Caterpillar (NYSE:CAT) and Dell (NYSE:DELL), has joined the Board of Directors, replacing Laura J. Peterson. Additionally, Palladyne AI and Red Cat Holdings successfully completed a multi-drone flight test, showcasing the potential of Palladyne’s Pilot AI software in autonomous drone operations. The company has also entered into a Sales Agreement with Jefferies LLC to sell shares through an "at the market offering" program, with $18.0 million worth of shares already sold and plans to sell an additional $30.0 million. These developments highlight Palladyne AI’s strategic moves and financial health as it continues to expand its AI software capabilities.
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