Jeffrey M. Thompson, a director at Unusual Machines, Inc. (NASDAQ:UMAC), has sold 40,000 shares of the company's common stock. The sale comes as InvestingPro data shows the stock trading near overbought levels after an impressive 904% surge over the past six months. The shares were sold at a weighted average price of $12.6529 per share, totaling approximately $506,116. The transactions occurred on December 3, 2024, with share prices ranging from $12.325 to $13.10. Following this sale, Thompson holds 325,984 shares directly in the company, which currently has a market capitalization of $125 million. According to InvestingPro analysis, the stock appears to be trading near its Fair Value, with 14 additional real-time insights available to subscribers.
In other recent news, Unusual Machines, Inc. reported its financial results for the fiscal quarter ended September 30, 2024. The company has also issued new shares, held its annual meeting, and disclosed unregistered sales of equity securities. Recent developments include issuing 1,440,000 shares of common stock to accredited investors through the conversion of Series A Convertible Preferred Stock, and 45,250 common shares to Dominari Securities, LLC.
Unusual Machines also issued additional common stock to accredited investors and converted promissory notes into shares of common stock. Stockholders elected five board members and ratified the appointment of Salberg & Company as the independent registered public accounting firm for the fiscal year ending December 31, 2024. They also approved the issuance of additional common stock and the 2022 Equity Incentive Plan.
The company has issued stock bonuses to top executives Allan Evans, Brian Hoff, and Andrew Camden, and increased the annual salary of its Chief Operating Officer, Andrew Camden, from $150,000 to $200,000. Unusual Machines also entered into an agreement limiting the issuance of common stock and amended its bylaws.
The company has restated its financial statements for fiscal years 2023 and 2022 due to errors identified during a re-audit conducted by Salberg & Company, P.A. Additionally, Unusual Machines finalized transactions with Red Cat Holdings, involving a working capital adjustment related to the acquisitions of Rotor Riot and Fat Shark. The parties agreed to a $2.0 million adjustment, increasing the existing note payable from $2.0 million to $4.0 million.
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