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Robert G. Brown, a significant shareholder of SPAR Group , Inc. (NASDAQ:SGRP), recently sold a portion of his holdings. According to the latest SEC filing, Brown sold 244 shares of SPAR Group's common stock at a price of $1.98 per share, totaling approximately $483. Following this transaction, Brown retains direct ownership of 2,456,134 shares. The stock, currently trading at $1.96, has delivered an impressive 84% return over the past year, while maintaining a notably low P/E ratio of 3.8. InvestingPro analysis suggests the stock is slightly undervalued based on its Fair Value model. Additionally, he holds indirect stakes through Innovative Global Technologies LLC and SPAR Business Services, Inc., amounting to 3,000,000 and 993,549 shares, respectively.
The filing also notes that some shares are attributed to Brown's wife, Jean Brown, and a defined benefit pension trust.
In other recent news, SPAR Group, a global marketing services provider, has confirmed its merger with Highwire Capital. This all-cash acquisition was approved by SPAR Group's Board of Directors and is set to proceed following stockholder approval. Both Mike Matacunas, President and CEO of SPAR Group, and Rob Wilson, CEO of Highwire Capital, have expressed their commitment to the merger.
The merger is a strategic move for SPAR Group to expand its reach and capabilities in providing comprehensive marketing and distribution solutions. Highwire Capital, known for integrating advanced technologies into traditional business models, has extended its commitment letter with lenders to facilitate the final stages of the acquisition.
Recent developments have seen Apollo Technology Capital Corp., a shareholder in SPAR, expressing concerns about the acquisition due to potential financing risks. However, the merger agreement received unanimous approval from SPAR Group's Board of Directors, and shareholders are set to receive $2.50 in cash per share as part of the deal. These developments mark a significant turning point for SPAR Group as it navigates its future growth initiatives.
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