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Tore Ivar Slettemoen, a director at FREYR Battery, Inc. (NYSE:FREY), has just lately bought a good portion of the corporate’s widespread inventory amid excessive value volatility and a 7.7% decline in share value over the previous week. In response to a Kind 4 submitting with the Securities and Trade Fee, Slettemoen disposed of a complete of 1,144,588 shares in two separate transactions. InvestingPro evaluation signifies the corporate at the moment trades beneath its Honest Worth, with a robust present ratio of 6.36x suggesting sturdy short-term liquidity.
The gross sales occurred on December 13 and December 17, with shares bought at costs starting from $1.63 to $1.74. The full worth of those transactions amounted to roughly $1.93 million. Following these gross sales, Slettemoen retains possession of 5,471,517 shares by Teknovekst UK Ltd, an organization not directly managed by him.
The transactions replicate adjustments in Slettemoen’s oblique possession of FREYR Battery shares, as detailed within the submitting’s footnotes. These shares are held by Teknovekst UK Ltd, whose sole shareholder is Teknovekst Make investments AS, with Teknovekst AS proudly owning a majority stake in Teknovekst Make investments. Slettemoen, as the only real proprietor of Teknovekst AS, disclaims helpful possession besides to the extent of his pecuniary curiosity.
In different latest information, FREYR Battery has skilled important adjustments in its govt workforce and monetary efficiency. The corporate reported a internet lack of $29 million in Q1 2024, which was adopted by a narrower-than-expected lack of $27 million in Q2 2024, outperforming analysts’ projections. Regardless of these losses, FREYR Battery maintained a money place of $253 million with no excellent debt.
The corporate additionally noticed a shake-up in its govt workforce with CFO Evan Calio taking up further duties because the Principal Accounting Officer following the departure of Lori A. Papp, the agency’s Chief Accounting Officer. FREYR Battery additionally introduced the appointment of Daniel Barcelo as its new CEO with an annual base wage of $800,000.
When it comes to strategic partnerships, FREYR Battery terminated its licensing agreements with 24M Applied sciences, relinquishing all rights to roughly 6.98 million shares of 24M’s Sequence G most popular inventory. Analysts at InvestingPro have famous that whereas the corporate maintains sturdy liquidity, it faces some monetary challenges forward.
In different developments, FREYR Battery secured a €122 million grant from the European Union Innovation Fund for a three way partnership Cathode Lively Materials manufacturing mission in Finland. The finalization of this grant is anticipated within the first quarter of 2025. These are the latest developments that traders would possibly need to think about whereas making funding selections.
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