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Max Gottschalk, a director and significant shareholder of Perfect Moment Ltd. (NASDAQ:PMNT), recently increased his stake in the company. According to a Form 4 filing with the Securities and Exchange Commission, Gottschalk acquired a total of 18,000 shares of Perfect Moment common stock through two separate transactions. The insider buying comes as the stock has fallen over 76% in the past year, according to InvestingPro data.
On February 27, Gottschalk purchased 10,000 shares at $1.01 per share. This was followed by an additional acquisition of 8,000 shares on March 3, at a weighted average price of $0.9385 per share. The total value of these transactions amounted to $17,608, with the purchase prices ranging from $0.9385 to $1.01 per share. The current stock price of $0.97 suggests the company, with a market cap of $16.05 million, may be undervalued according to InvestingPro analysis.
Following these transactions, Gottschalk, through indirect ownership, now holds 322,253 shares in Perfect Moment. These shares are held by Joachim Gottschalk & Associates Ltd., a company owned by the Gottschalk Family Trust. Additionally, Gottschalk’s spouse, Jane Gottschalk, owns 316,600 shares, and Fermain Limited, controlled by the Gottschalks, holds 3,479,491 shares.
In other recent news, Perfect Moment Ltd. has been notified by the NYSE American LLC of non-compliance with the minimum stockholders’ equity requirements. As of September 30, 2024, the company’s stockholders’ equity was reported at $2.7 million, falling short of the $4.0 million threshold required for companies with losses in three of the last four fiscal years. Perfect Moment has until January 10, 2024, to submit a compliance plan, which, if accepted, would allow the company to remain listed while undergoing regular reviews. Additionally, Perfect Moment has secured a $2 million investment through a Convertible Secured Note Purchase Agreement, carrying a 15% annual interest rate and maturing on December 6, 2025. This agreement provides the company with immediate capital and offers investors the option to convert the note into common stock. Meanwhile, Perfect Moment has launched a new collection of puffer tote bags and sunglasses, expanding its offerings in the luxury lifestyle market. The new collections aim to combine practicality with style, featuring designs made from sustainable materials. These developments reflect the company’s ongoing strategic efforts to strengthen its market position and financial standing.
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