Buy gold, crypto and China, tread carefully on rich U.S. tech: BofA’s Hartnett
Thomas J. Shaw, President and CEO of Retractable Technologies Inc . (NYSE:RVP), recently acquired additional shares of the company, according to a filing with the Securities and Exchange Commission. The purchase comes as the stock trades near $0.69, down roughly 40% over the past year. According to InvestingPro analysis, the company currently appears undervalued based on its Fair Value assessment. On June 11, Shaw purchased 8,758 shares of common stock at an average price of $0.6693 per share, amounting to a total investment of $5,861. Following this transaction, Shaw now directly owns 15,399,217 shares of the company. InvestingPro data shows the company holds more cash than debt on its balance sheet, with 5 additional key insights available to subscribers.
In addition to his direct holdings, Shaw has indirect control over 831,600 shares, with investment power over 500,000 of these shares as a trustee for a family member. The remaining shares are under his voting control due to a voting agreement. This acquisition was executed under a Rule 10b5-1 trading plan, which Shaw adopted on August 22, 2024. The company, with a market capitalization of approximately $21 million, maintains a strong liquidity position with a current ratio of 6.7.
In other recent news, Retractable Technologies Inc. announced a change in its independent registered public accounting firm due to a merger involving its previous auditor. The company was informed that Moss Adams LLP, its former auditor, merged with Baker Tilly US, LLP, prompting Moss Adams to resign as the company’s auditor. Following this development, Retractable Technologies’ Audit Committee approved Baker Tilly as the new independent registered public accounting firm. The audit reports from Moss Adams for the fiscal years ending December 31, 2023, and 2024, did not contain any adverse opinions or disclaimers. There were no issues regarding uncertainty, audit scope, or accounting principles in those reports. During the specified periods, there were no disagreements between Retractable Technologies and Moss Adams concerning accounting principles or financial statement disclosures. Retractable Technologies confirmed that there were no consultations with Baker Tilly regarding specific accounting transactions or audit opinions prior to their appointment. The company has filed a report with the SEC and obtained a letter from Moss Adams confirming their agreement with the statements made in the report.
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