Lucid files for 1-for-10 reverse stock split requiring shareholder approval
LAS VEGAS—David W. Rowe, the Chief Product Officer, Chief Marketing Officer, and Executive Vice President of Global Transformation at Rimini Street , Inc. (NASDAQ:RMNI), recently sold shares of the company’s stock. According to a filing with the Securities and Exchange Commission, Rowe sold 3,512 shares on February 3, 2025, at a price of $2.788 per share, totaling approximately $9,791. The stock currently trades at $2.96, with InvestingPro analysis indicating the company is trading below its Fair Value.
This sale was part of an automatically-triggered "sell-to-cover" transaction related to the payment of withholding tax obligations on vested Restricted Stock Units, as per the company’s policy. The transaction was not initiated by Rowe. Following this transaction, Rowe holds 390,763 shares of Rimini Street common stock directly.
Additionally, the filing noted the conversion of 8,334 Restricted Stock Units into common stock, which did not involve any monetary transaction.
Rimini Street, Inc., a provider of enterprise software support services with a market capitalization of $269 million, is headquartered in Las Vegas, Nevada. For detailed insights and additional analysis, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Rimini Street has been the subject of significant developments. The company received an upgrade from a Craig-Hallum analyst from Hold to Buy, following a favorable Appeals Court ruling in its ongoing legal battle with Oracle (NYSE:ORCL). The court’s decision reversed several of the previous district court’s rulings against Rimini Street, which may allow the company to continue servicing certain software environments and appeal for a refund of the $58.5M in legal fees paid to Oracle.
Despite previous legal challenges, Rimini Street reported a strong financial quarter with an increase in Annual Recurring Revenue (ARR), billings, and clients, as well as improved retention rates. The Craig-Hallum analyst noted the company’s competitive dominance in third-party support and the exceptional value proposition of its products.
Furthermore, the analyst set a new price target of $6.00 for Rimini Street, reflecting a valuation of 1.5 times Revenue and 12.2 times EBITDA. This target suggests a substantial undervaluation of the company’s stock, considering its strong momentum and recent cost reductions. These are among the latest developments for Rimini Street, as reported in recent news.
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