Brett Hoge, a director at Sacks Parente Golf, Inc. (NASDAQ:SPGC), has purchased 100,000 shares of the company's common stock. The transaction, which took place on December 12, 2024, was executed at a price of $0.3087 per share, totaling approximately $30,869. The purchase comes as the stock trades near its 52-week low of $0.28, having declined about 95% year-to-date. Following this acquisition, Hoge now holds 186,014 shares directly. While the company maintains impressive gross profit margins above 60%, InvestingPro analysis indicates a weak overall financial health score. This purchase reflects continued confidence in the company's prospects as Sacks Parente Golf continues its operations in the golf manufacturing sector. InvestingPro subscribers have access to 18 additional key insights about SPGC's financial position and market performance.
In other recent news, Sacks Parente Golf announced an $8.4 million public offering, priced at $1.20 per common unit and $1.199 for each pre-funded unit. The net proceeds from this offering are intended for general corporate purposes and working capital. Aegis Capital Corp. has been granted an option to purchase up to an additional 15% of the shares and warrants to cover over-allotments. In parallel, Newton Golf, a Sacks Parente company, has expanded its reach to the Japanese market, launching its Newton Motion shafts for sale through both retail and e-commerce channels. As part of the company's strategic growth plan, this move is expected to enhance its global presence. In addition to these developments, Newton Golf has made significant changes in its executive team, appointing Doug Samuelson as its new Chief Financial Officer and confirming Gregor Campbell as its Executive Chairman. These recent developments reflect the company's commitment to providing value to its shareholders and maintaining its listing on a major stock exchange.
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