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SPAR Group , Inc. (NASDAQ:SGRP), a $43.38 million market cap company currently trading at $1.95, recently reported insider sales by SPAR Business Services Inc., affiliated with Robert G. Brown. The transactions, disclosed in a regulatory filing, occurred over two days. According to InvestingPro analysis, SGRP has delivered an impressive 84.76% return over the past year.
On January 21, SPAR Business Services sold a total of 16,902 shares at prices ranging from $1.85 to $1.86, amounting to approximately $31,245. The following day, January 22, they continued with the sale of 15,698 shares at prices between $1.90 and $1.92, totaling about $29,872.
In total, the sales amounted to $61,117. After these transactions, SPAR Business Services holds 993,549 shares of SPAR Group.
In other recent news, SPAR Group, a global merchandising and marketing services provider, is set to merge with Highwire Capital. This development comes after the unanimous approval of the merger by SPAR Group's Board of Directors. The all-cash acquisition has been positively received by stakeholders, with the company's CEO, Mike Matacunas, expressing confidence in the successful completion of the transaction.
The merger is expected to enhance SPAR Group's business performance and client service offerings. Highwire Capital, known for its work in transforming middle-market companies, has extended its commitment letter with lenders until January 15, 2025, to ensure the completion of the acquisition.
However, not all are in favor of this move. Apollo Technology Capital Corp., a shareholder in SPAR, has expressed concerns about the acquisition, specifically Highwire's ability to secure financing. Despite these concerns, the acquisition is a significant development in SPAR Group's strategic initiatives to expand its reach and capabilities.
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