Interactive Brokers shares jump as it secures spot in S&P 500
Safety Shot, Inc., a ten percent owner of SRM Entertainment, Inc. (NASDAQ:SRM), reported the sale of 266,200 shares in the open market. The micro-cap company, currently valued at $8.88 million, has seen its stock decline by 64% over the past year and is trading near its 52-week low of $0.55. The transactions, dated January 8, 2025, were executed at prices ranging from $0.73 to $0.79 per share, amounting to a total value of approximately $194,926. Following these transactions, Safety Shot holds 2,331,744 shares of SRM Entertainment. According to InvestingPro, the company faces significant challenges with rapid cash burn and negative EBITDA of -$4.12 million in the last twelve months. InvestingPro subscribers have access to 8 additional key insights about SRM's financial health and valuation metrics.
In other recent news, SRM Entertainment Inc. has been making significant strides. The company's shareholders recently approved a new equity incentive plan, with a majority of 8,005,404 votes in favor. In addition, M&K CPAS, PLLC was appointed as the independent registered public accounting firm for the fiscal year ending December 31, 2024, with 8,050,651 votes in support.
SRM Entertainment has also been facing challenges, as it received a notice from Nasdaq regarding a risk of delisting due to failing to meet the minimum bid price requirement. The company has been given until April 21, 2025, to rectify this issue.
On the executive front, the company renegotiated employment terms with CEO Richard Miller, introducing performance-based incentives and a revised compensation structure. Miller's initial annual base salary has been set at $225,000, with a guaranteed minimum increase of 10% each subsequent year.
Moreover, SRM Entertainment expanded its market presence by acquiring assets related to the movie "The Kid" from Suretone Entertainment for a total of $3 million. This acquisition was paid for with a mix of cash, restricted common stock, and a secured promissory note. These are all recent developments in the company's ongoing efforts to drive growth and diversify its portfolio.
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