Lucid files for 1-for-10 reverse stock split requiring shareholder approval
LAS VEGAS—Michael L. Perica, Executive Vice President and Chief Financial Officer of Rimini Street , Inc. (NASDAQ:RMNI), engaged in a sell transaction involving the company’s common stock, according to a recent SEC filing. On March 3, Perica sold 3,295 shares at a price of $3.4797 per share, amounting to a total of $11,465. The transaction comes as RMNI shares have shown strong momentum, gaining nearly 8% in the past week and nearly doubling in value over the last six months. The stock currently trades near its 52-week high of $3.80.
The transaction was an automatically-triggered "sell-to-cover" action, aimed at covering tax obligations related to the vesting of restricted stock units. This type of transaction is part of Rimini Street’s policy for handling tax withholdings associated with stock vesting events, and Perica did not initiate the sale himself.
Following the transaction, Perica holds 166,462 shares of Rimini Street common stock.
In other recent news, Rimini Street, Inc. reported its Q4 2024 earnings, with revenue reaching $114.2 million, surpassing expectations of $102.51 million. The company’s earnings per share (EPS) met forecasts at $0.07. Despite the strong revenue performance, Rimini Street’s stock experienced a decline during regular trading hours. In a significant development, Alliance Global Partners (NYSE:GLP) upgraded Rimini Street from a Neutral to a Buy rating, raising the price target from $2.25 to $6.50. This optimism is partly due to the company’s anticipated recovery of $58 million in cash from Oracle (NYSE:ORCL) over the coming quarters. Additionally, Rimini Street addressed a compliance issue by appointing Jay Snyder to its Audit Committee, thereby meeting Nasdaq’s requirements. These developments reflect Rimini Street’s ongoing efforts to enhance its financial standing and governance.
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