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VerifyMe, Inc. (NASDAQ:VRME) CEO and President Adam Stedham has recently acquired additional shares of the company's common stock, according to a recent SEC filing. On December 16 and 17, Stedham purchased a total of 16,000 shares, with prices ranging from $0.59 to $0.61 per share. The purchases come as the stock trades near its 52-week low of $0.58, with InvestingPro analysis indicating the company is currently undervalued. The total value of these transactions amounts to approximately $9,560. This insider buying comes amid a challenging period for the stock, which has declined over 61% in the past six months. Stedham's latest acquisitions bring his total direct ownership to 245,004 shares of VerifyMe common stock. For deeper insights into insider trading patterns and 12+ additional ProTips, check out the comprehensive research available on InvestingPro.
In other recent news, VerifyMe, a provider of brand protection and logistics solutions, has reported several key developments. The company announced mixed financial results for the third quarter of 2024, with revenue decreasing to $5.4 million from $5.6 million in the previous year. The net loss for the quarter was $2.4 million, largely due to a $2.3 million goodwill impairment.
VerifyMe has also sold its subsidiary, Trust Codes Global Limited, as part of a strategic realignment to streamline operations and focus on core business offerings. The financial implications of this sale have been outlined in unaudited pro forma financial statements.
Furthermore, VerifyMe extended its share repurchase program until December 31, 2025, allowing for the potential buyback of up to $500,000 of its common stock, depending on market conditions. This decision is part of the company's broader strategy to deliver shareholder value and invest in growth initiatives.
The company also announced a possible exit from its Amazon (NASDAQ:AMZN) Transparency partnership as it considers focusing on more profitable areas within the Authentication segment, such as ink products. This strategic shift is part of VerifyMe's aim to achieve adjusted EBITDA positivity by 2025, focusing on operational enhancements in Precision Logistics to improve shareholder value. These recent developments demonstrate VerifyMe's commitment to strategic execution and shareholder value creation.
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