Microvast Holdings announces departure of chief financial officer
In recent transactions disclosed by Shimmick Corp (NASDAQ:SHIM), Mitchell B. Goldsteen, a director and ten percent owner, sold a total of 22,840 shares of the company’s common stock over three days. The sales come as the company’s stock has declined 55% over the past year, though InvestingPro analysis suggests the stock is currently trading below its Fair Value. These sales, conducted under a Rule 10b5-1 trading plan, amounted to a total value of $39,495, with prices ranging from $1.71 to $1.74 per share.
The transactions occurred on April 28, April 29, and April 30, 2025, with Goldsteen executing sales of 13,386 shares, 8,200 shares, and 1,254 shares, respectively. Following these transactions, Goldsteen holds 21,493,134 shares indirectly through GOHO, LLC, where he serves as the sole managing member.
These sales were part of a pre-arranged trading plan, and the prices achieved reflect a weighted average, indicating multiple transactions within the given price ranges. The company, with a market capitalization of $59.1 million, currently shows weak financial health scores according to InvestingPro metrics, though it maintains more cash than debt on its balance sheet.
In other recent news, Shimmick Corporation reported a significant earnings miss for the fourth quarter of 2024, with an earnings per share (EPS) of -0.91 against a forecasted 0.11. Revenue also fell short, reaching $104 million compared to the expected $173.7 million. Despite these setbacks, the company maintains a strong backlog of $822 million, suggesting potential future growth. Shimmick forecasts a 10-15% revenue increase for 2025, aiming for a gross margin of 9-12%. In a strategic move to bolster financial flexibility, Shimmick secured a $15 million loan from an affiliate of Ansley Park Capital LLC. This loan, finalized on March 31, 2025, is intended for project expenses and general corporate purposes. Additionally, Shimmick announced leadership changes with Todd Yoder appointed as the new Executive Vice President and Chief Financial Officer, effective April 14, 2025, and Amanda Mobley named Chief Accounting Officer. These developments indicate Shimmick’s efforts to navigate financial challenges and strengthen its leadership team.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.