Lucid files for 1-for-10 reverse stock split requiring shareholder approval
LAS VEGAS— Rimini Street , Inc. (NASDAQ:RMNI), whose stock has surged nearly 100% over the past six months and is currently trading at $3.48, saw its Executive Vice President and Chief Recurring Revenue Officer Kevin Maddock recently execute a stock sale, according to a filing with the Securities and Exchange Commission. InvestingPro analysis suggests the company is currently undervalued. On March 3, Maddock sold 2,951 shares of common stock in a transaction valued at approximately $10,268, with shares priced at $3.4797 each.
The sale was part of an automatically-triggered "sell-to-cover" transaction, intended to cover withholding tax obligations tied to the vesting of Restricted Stock Units (RSUs). Maddock did not initiate the sale himself.
In addition to the sale, Maddock acquired 6,667 shares of common stock without any cash exchange, as part of a vesting event for previously granted RSUs. This acquisition did not affect his total number of shares, which now stands at 120,684 following the transactions. For deeper insights into insider trading patterns and comprehensive analysis, including 10+ additional ProTips, access the full Rimini Street research report on InvestingPro.
In other recent news, Rimini Street Inc. reported its Q4 2024 earnings, with revenue reaching $114.2 million, surpassing the forecast of $102.51 million. Earnings per share (EPS) met expectations at $0.07. Despite the positive revenue results, the company experienced a slight decline in full-year revenue, totaling $428.8 million, which marked a 0.6% decrease year-over-year. Alliance Global Partners (NYSE:GLP) recently upgraded Rimini Street’s stock from Neutral to Buy, raising the price target to $6.50, citing the company’s potential cash recovery from Oracle (NYSE:ORCL) and a stronger profit outlook.
Additionally, Rimini Street addressed a governance issue by appointing Jay Snyder to its Audit Committee, ensuring compliance with Nasdaq’s requirements after a period of noncompliance. The company also highlighted its strategic focus on expanding service offerings and partnerships, including a promising collaboration with ServiceNow (NYSE:NOW) aimed at future growth. Rimini Street is optimistic about recovering $58 million in cash from Oracle, which is expected to contribute to its financial stability. These developments reflect the company’s ongoing efforts to enhance its market position and financial performance.
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