Prior to the sale, Buettner-Garrett exercised stock options to acquire 187,500 shares at a price of $0.03 per share, totaling $5,625. Following these transactions, Buettner-Garrett now holds 869,720 shares directly. Get access to 12 additional InvestingPro Tips and comprehensive financial analysis for SLDP through InvestingPro's exclusive research report. Get access to 12 additional InvestingPro Tips and comprehensive financial analysis for SLDP through InvestingPro's exclusive research report.
This sale was conducted as part of a pre-established Rule 10b5-1 trading plan, which Buettner-Garrett adopted on September 1, 2023. The plan was designed to manage tax liabilities from stock option exercises and to diversify his asset portfolio. The transaction was executed in multiple trades, with prices ranging from $1.05 to $1.098, amid a challenging period for the stock, which has declined nearly 35% over the past six months according to InvestingPro data.
Prior to the sale, Buettner-Garrett exercised stock options to acquire 187,500 shares at a price of $0.03 per share, totaling $5,625. Following these transactions, Buettner-Garrett now holds 869,720 shares directly.
In other recent news, Solid Power, Inc. reported its third-quarter 2024 financial results, revealing a net loss despite a strong liquidity position. The company, which maintains a healthy current ratio of 6.88x, reported a revenue of $4.7 million primarily from SK On agreements and government contracts. However, operating expenses stood at $32.2 million, leading to a net loss of $22.4 million. Despite this, Solid Power holds $348.1 million in cash as of September 30, 2024.
In tandem with these financial results, Solid Power announced its selection to negotiate a potential $50 million grant from the U.S. Department of Energy. This grant, if awarded, is intended to enhance the production of solid electrolyte materials for advanced all-solid-state batteries.
In other company developments, Solid Power extended its partnership with Ford Motor Company (NYSE:F) until December 31, 2025, solidifying their collaboration on Solid Power's innovative battery technology. This extended partnership is aimed at advancing Solid Power's solid-state batteries, which are anticipated to offer higher energy density and safety compared to conventional lithium-ion batteries.
Lastly, Solid Power is progressing in its electrolyte Innovation Center, A-2 cell design, and partnerships with BMW (ETR:BMWG) and SK On. The company is also finalizing a non-binding memorandum of understanding with a major battery manufacturer for electrolyte collaboration. These are recent developments that highlight Solid Power's commitment to advancing the future of electric vehicle technology.
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