Peter Kamin, a director and significant shareholder of Psychemedics Corp (NASDAQ:PMD), has acquired a substantial amount of the company's common stock. On December 3, Kamin purchased 1,409,712 shares at a price of $2.35 per share, amounting to a total transaction value of approximately $3.31 million - a significant investment in the $13.85 million market cap company. Following this acquisition, Kamin's indirect ownership, through various trusts and partnerships, totals 1,820,418 shares. According to InvestingPro analysis, PMD currently trades below its Fair Value, with notably low price volatility as indicated by its 0.67 beta. The purchase was executed through 3K Limited Partnership, where Kamin holds the position of general partner. With PMD's stock trading near its 52-week low of $1.63, InvestingPro subscribers can access additional insights, including exclusive financial health metrics and detailed valuation analysis.
In other recent news, Psychemedics Corporation has announced several significant decisions from its recent annual meeting of stockholders. The medical laboratory services provider has reported the re-election of five directors to the company's board, with each nominee receiving a majority of votes. Stockholders also approved the compensation of the company's named executive officers.
A key development from the meeting was the approval of amendments to the company's certificate of incorporation to effect a reverse stock split, immediately followed by a forward stock split. The exact ratios for both splits are at the discretion of the board. Furthermore, the terms and conditions of the Stock Purchase Agreement, involving significant stakeholders such as 3K Limited Partnership and trusts associated with Peter H. Kamin, were ratified.
These are recent developments and the appointment of Whitley Penn LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was also ratified by a significant majority. This information provides insight into the company's governance and strategic decisions as endorsed by its shareholders.
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