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SK INC., a significant shareholder of SES AI Corp (NASDAQ:NYSE:SES), recently sold shares of the company’s Class A common stock, according to a filing with the Securities and Exchange Commission. The sales occurred over two days, with the first transaction on December 17 involving the sale of 326,460 shares at a weighted average price of approximately $0.38 per share. The following day, December 18, the company sold an additional 400,000 shares at a weighted average price of around $0.42 per share. These transactions totaled $292,054. With a current market capitalization of $143.5 million, InvestingPro data shows the company maintains a strong current ratio of 15.24, indicating solid short-term liquidity despite challenging market conditions.
After these sales, SK INC. holds approximately 31,843,210 shares of SES AI Corp. The transactions were conducted without any equity swap involvement and represent direct ownership changes. For deeper insights into SES AI Corp's financial health, valuation metrics, and growth prospects, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.
In other recent news, SES AI Corp announced the resignation of board member Brian Krzanich, following his appointment as CEO of Cerence Inc (NASDAQ:CRNC). This development marks a significant change in the company's board structure, with the successor yet to be announced. On the financial front, SES AI reported a strong financial standing at the end of the third quarter, with $274 million in liquidity, ensuring a robust balance sheet through 2028. The company's operating expenses for the quarter totaled $34.2 million, with cash usage for 2024 forecasted between $80-$95 million. In technology advancements, SES AI has made notable progress in lithium metal battery technology and AI solutions, including the successful completion of key safety tests for its 100 mPOWER lithium metal B-sample cells. The company also established supply agreements, including one with SoftBank (TYO:9984), which are expected to generate substantial revenue. In its ongoing efforts, SES AI plans to introduce a new electrolyte every six months to further its material discovery capability. These recent developments highlight SES AI's commitment to its strategic direction and growth in the technology sector.
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