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Elliot Noss, the Chief Executive Officer of Tucows Inc (NASDAQ:TCX), recently sold 2,000 shares of the company’s common stock. The transactions, which took place on April 11 and April 14, were executed at prices ranging from $15.56 to $16.24 per share, totaling $31,800. The sales come as the company, currently valued at $178 million, faces challenges with a significant debt burden of $635 million and negative free cash flow yield, according to InvestingPro data.
Following these sales, Noss holds 465,198 shares directly. Additionally, he maintains indirect ownership of shares through various accounts, including 114,670 shares in an RRSP, 1,639 shares in a TFSA, and 6,000 shares in a US Retirement Savings Account. There are also 2,470 shares owned by his spouse, for which Noss disclaims beneficial ownership. The transactions were conducted under a pre-arranged trading plan established in September 2023. Despite recent challenges, TCX stock has shown resilience with a 16% gain over the past week, though it remains 40% below its 52-week high of $26.48. InvestingPro subscribers can access 6 additional key insights about TCX’s financial health and valuation metrics.
In other recent news, Tucows Inc. has announced a new date for its 2025 Annual Meeting of Shareholders, now scheduled for May 20, 2025. This rescheduling marks a significant change from the previous year’s meeting date, exceeding the 30-day threshold from the anniversary date of the 2024 Annual Meeting. As a result, the deadlines for shareholder proposals and director nominations outlined in the previous year’s proxy statement are no longer valid. Shareholders have until April 5, 2025, to submit proposals for inclusion in the proxy materials for the upcoming meeting, in line with Rule 14a-8 of the Exchange Act. This date also serves as the cutoff for notifying the company of any proposals or nominations for directors outside of Rule 14a-8 guidelines. The announcement was made in a recent SEC filing and ensures that shareholders are informed of the new timelines for participating in the governance of the company. Submissions must be sent to the company’s Secretary at the Toronto office, complying with all applicable SEC regulations and the company’s bylaws. Details regarding the exact time and location of the 2025 Annual Meeting will be included in the forthcoming proxy statement from Tucows.
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