Murray Stahl, President and CEO of RENN Fund, Inc. (NYSE:RCG), has made a series of purchases involving the company's common stock. According to a recent SEC filing, Stahl acquired a total of 1,236 shares on October 28, 2024, at a consistent price of $2.17 per share. The total value of these transactions amounted to $2,682.
These acquisitions include direct purchases and shares acquired indirectly through various entities. Post-transaction, Stahl holds 33,420 shares directly, with additional shares held indirectly through his spouse and several corporations, including Fromex Equity Corp, FRMO Corp, Horizon Common Inc., Horizon Kinetics Hard Assets LLC, and Horizon Kinetics Asset Management LLC.
The filing also notes that Stahl disclaims beneficial ownership of the shares held in indirect accounts, except to the extent of his pecuniary interest.
In other recent news, Horizon Kinetics Holding Corp, previously known as Scott's Liquid Gold-Inc., has undergone a significant transformation. A series of corporate actions, including a merger, a reverse stock split, and a change of state incorporation, have reshaped the company's structure and shareholder base. The merger with Horizon Kinetics, LLC, and its wholly owned subsidiary HKNY One, LLC, led to an expansion of the equity base with the issuance of 17,984,253 new shares, representing a 96.5% stake post-merger. This move diluted the existing shareholders to a collective 3.5% holding.
Simultaneously, the company executed a 1-for-20 reverse stock split, increasing the per-share value of the remaining stock, and reincorporated from Colorado to Delaware. The company also adopted a new set of bylaws, changed its name to Horizon Kinetics Holding Corp, and relocated its principal executive offices to New York.
The reorganization and merger resulted in a change of control, with significant stakes now held by Horizon Kinetics members. Directors Murray Stahl, Steven Bregman, and Peter Doyle, along with Horizon Common Inc. and John Meditz, now own substantial portions of the company's common stock. The board of directors underwent a major reshuffle, with six new members appointed, including Stahl, Bregman, and Doyle. Management changes accompanied the board's restructuring, with Stahl appointed as Chief Executive Officer and Chief Investment Officer, Bregman as President, and Doyle as Vice President. These are the latest developments in the company's history.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on RENN Fund, Inc.'s (NYSE:RCG) financial performance and market position. The company has demonstrated strong revenue growth, with a 21.53% increase in the last twelve months as of Q2 2024. This growth trend is further supported by a 17.49% quarterly revenue increase in Q2 2024.
RCG's stock has shown impressive momentum, with a 24.43% price total return over the past three months and a substantial 37.74% return over the last six months. This aligns with an InvestingPro Tip highlighting the "Strong return over the last three months," suggesting that CEO Murray Stahl's recent stock purchases may be well-timed.
Despite these positive indicators, investors should note that RCG's "short term obligations exceed liquid assets," according to another InvestingPro Tip. This could potentially impact the company's financial flexibility in the near term.
For a more comprehensive analysis, InvestingPro offers additional tips and insights on RCG's financial health and market performance. Investors can access a total of 11 tips for RENN Fund, Inc. on the InvestingPro platform, providing a deeper understanding of the company's prospects and potential risks.
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