Wag! group co. COO sells shares worth $5,007

SAN FRANCISCO—Dylan Allread, the Chief Operating Officer of Wag! Group Co. (NASDAQ:PET), recently sold a total of 16,652 shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. The transactions, which took place on February 19, 2025, were executed at prices ranging from $0.30 to $0.31 per share, amounting to a total value of $5,007. The micro-cap company, currently valued at $17.4 million, has seen its stock decline 86% over the past year, though it has shown signs of recovery with a 32% gain year-to-date.

The sales were not discretionary trades by Allread but were instead conducted to cover tax withholding obligations related to the vesting of restricted stock units. This process, known as a "sell to cover" transaction, is mandated under the company’s incentive plans. According to InvestingPro analysis, the company faces some financial challenges, including rapid cash burn and short-term obligations exceeding liquid assets. Get access to 16 more key insights and comprehensive analysis with InvestingPro’s detailed research report.

Following these transactions, Allread holds 574,188 shares of Wag! Group Co. The company, headquartered in San Francisco, operates in the personal services sector and maintains impressive gross profit margins of 78%, despite current market challenges.

In other recent news, Wag! Group Co. has received a notice from the Nasdaq Stock Market regarding its market value of publicly held securities (MVPHS), which has fallen below the required $15 million threshold. This shortfall has persisted for 30 consecutive business days, from November 13, 2024, to January 13, 2025. Although this notice does not immediately affect the company’s common stock listing, Wag! Group has until July 14, 2025, to comply with the MVPHS requirement to avoid delisting. The company was previously informed on September 27, 2024, about failing to meet other continued listing requirements. Wag! Group can appeal any delisting decision, but there is no assurance of success in such appeals or in regaining compliance. These developments were disclosed in a recent SEC filing by the company.

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