Sonendo, Inc. (NYSE:SONX) President and CEO Bjarne Bergheim recently completed a stock transaction, selling a portion of his holdings in the company. The transaction, which took place on March 26, 2024, involved the sale of 11,493 shares of common stock at a weighted average price of $0.1043 per share, totaling approximately $1,198.
The sale was executed to cover tax withholding obligations related to the vesting of restricted stock units (RSUs) granted to Bergheim on March 25, 2022. It's important to note that this transaction was not a discretionary sale by Bergheim but a "sell to cover" transaction, which is a common practice for handling tax liabilities associated with the vesting of equity awards.
Investors might be interested in the price range for these sold shares, which varied from $0.10 to $0.11. Post-transaction, Bergheim remains a significant holder of Sonendo stock, with 1,934,139 shares still under his direct ownership.
Sonendo, Inc., based in Laguna Hills, California, operates within the dental equipment and supplies industry under the industrial classification code 3843. The company, formerly known as Dentatek Corp, is incorporated in Delaware and ended its fiscal year on December 31.
For those interested in the specifics of the transaction, Bjarne Bergheim has committed to providing full details regarding the number of shares sold at each separate price within the reported range, upon request from the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission.
InvestingPro Insights
As investors digest the recent stock transaction by Sonendo, Inc.'s (NYSE:SONX) President and CEO, Bjarne Bergheim, it may be beneficial to consider the current financial health and market performance of the company. According to InvestingPro metrics, Sonendo's market capitalization stands at a modest 7.4 million USD, reflecting the small size of the company within the dental equipment and supplies industry.
Moreover, Sonendo's stock price has experienced significant volatility, with the price being just 5.23% of its 52-week high and a one-year price total return of -94.36%, indicating a challenging period for the company's shareholders. The negative price momentum is further evidenced by the substantial declines over the last three and six months, with total returns of -57.43% and -86.05%, respectively.
While Sonendo holds more cash than debt on its balance sheet—an InvestingPro Tip that could be seen as a positive sign of liquidity—the company is quickly burning through cash, which is a point of concern for future operations and financial stability. Additionally, analysts do not anticipate Sonendo will be profitable this year, and the company is trading at a low revenue valuation multiple, which may attract investors looking for undervalued opportunities.
For those considering an investment in Sonendo or seeking more detailed analysis, InvestingPro offers a wealth of additional tips—12 more, to be precise. These insights can be accessed at InvestingPro, and readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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