SES AI Corp (NYSE:SES), a company specializing in miscellaneous electrical machinery and equipment, has reported a recent transaction involving its Chief Science Officer, Gan Hong. According to the latest filing, Gan Hong sold 25,000 shares of Class A Common Stock at a weighted average price ranging from $1.15 to $1.25, culminating in a total sale value of approximately $29,220.
The sale occurred on July 1, 2024, and was conducted under a pre-arranged Rule 10b5-1 trading plan, which Gan had entered into on September 5, 2023. This plan allows corporate insiders to sell shares at predetermined times to avoid accusations of trading on non-public information.
Following the sale, Gan Hong's remaining direct ownership in the company includes 825,506 shares of Class A Common Stock. It is important to note that this amount also comprises 656,309 shares underlying Restricted Stock Units (RSUs), which are still subject to vesting conditions.
On the same day, Gan Hong also exercised options to acquire an additional 25,000 shares of Class A Common Stock at a price of $0.15 per share, totaling $3,750. These options, which were fully vested and granted on March 14, 2019, are set to expire on March 13, 2029. Post-transaction, Gan's direct ownership in derivative securities stands at 243,277 shares.
The company, formerly known as Ivanhoe Capital Acquisition Corp., has been transparent with its transactions, offering to provide full information regarding the number of shares sold at each separate price within the stated ranges upon request.
Investors and followers of SES AI Corp can stay updated with the company's insider transactions, which are publicly disclosed in compliance with SEC regulations.
In other recent news, SES AI Corporation reported substantial progress in electric vehicle (EV) and Urban Air Mobility (UAM) battery technologies during its 2024 first-quarter earnings call. The company's partnership with Hyundai (OTC:HYMTF) has advanced to a new phase with a Lithium-Metal battery line set to be operational in Q4 2024. Additionally, SES AI's EV A-sample line in Korea is being converted for UAM applications, indicating strong demand from OEMs.
The company's Avatar AI system, designed to monitor battery health and predict potential issues, ensures near 100% safety for EV and UAM. Financially, SES AI reported $21.3 million in operating expenses and $319 million in liquidity, with full-year cash usage from operations projected between $90 million and $100 million.
SES AI remains focused on its four pillars: EV, UAM, AI, and sustainability, and is developing recycling technology for Lithium-Metal batteries. The company's differentiated high-density battery technology has been validated by major JDA partners such as Hyundai, Honda (NYSE:HMC), and GM. Lastly, the Electrolyte Foundry is fully operational, enhancing the company's capability to test and develop new electrolytes rapidly. These are the recent developments for SES AI Corporation.
InvestingPro Insights
Amidst the latest insider trading activities at SES AI Corp, investors might be eyeing the company's financial health and market performance with keen interest. An analysis of SES AI Corp through InvestingPro provides a clearer picture of its current market position and future outlook. With a market capitalization of $403.42 million, the company's valuation reflects the challenges it faces in a competitive industry.
InvestingPro data reveals that SES AI Corp is trading at a price-to-earnings (P/E) ratio of -6.66, indicating that investors are facing losses per share over the last twelve months as of Q1 2024. This ties in with the InvestingPro Tip that analysts do not anticipate the company will be profitable this year. Additionally, the company's stock has experienced a significant price decline, with a 1 Year Price Total Return of -53.69%, resonating with the InvestingPro Tip that the stock has taken a big hit over the last year.
Moreover, SES AI Corp's price is currently at 34.27% of its 52-week high, which could suggest that the stock is undervalued or that there are underlying concerns affecting its performance. This is further supported by the fact that the company holds more cash than debt on its balance sheet, yet it is quickly burning through cash, as indicated by two key InvestingPro Tips.
For investors looking to delve deeper into SES AI Corp's financials and stock performance, InvestingPro offers a comprehensive set of tools and analytics. There are over 15 additional InvestingPro Tips available for SES AI Corp at https://www.investing.com/pro/SES, which can help investors make informed decisions. To access these insights, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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