Lifeloc Technologies, Inc. (OTC:LCTC) reported that its Chief Financial Officer, Vern D. Kornelsen, made a significant purchase of the company's common stock. On July 23, 2024, Kornelsen acquired 45,620 shares at a price of $3.80 per share, amounting to a total investment of $173,356.
The transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission, which provides updates on the trading activities of a company's insiders. According to the filing, following this purchase, Kornelsen holds a total of 2,006,288 shares in Lifeloc Technologies, indicating a strong belief in the future of the company.
It is worth noting that the shares acquired by Kornelsen are indirectly held through EDCO Partners LLLP, where he serves as the general partner. EDCO Partners LLLP controls a total of 2,006,288 shares, with Kornelsen exercising voting and investment power over these shares.
Lifeloc Technologies is known for its role in the laboratory analytical instruments sector, providing various services and applications. This insider buying activity may signal confidence to investors, as company executives are often considered to have a deeper insight into the company's prospects.
The transaction underscores the ongoing financial commitments of Lifeloc's executives and could be a point of interest for current and potential investors.
In other recent news, Lifeloc Technologies, an analytical instruments manufacturer, has announced the conclusion of its Annual Meeting of Shareholders. The key outcomes of the meeting included the re-election of its board members and the ratification of Assure CPA as the company's independent registered public accountants for the fiscal year 2024. The board members who were re-elected are Wayne Willkomm, Ph.D., Vern D. Kornelsen, Robert Greenlee, Donald E. Siecke, and Michael J. Kornelsen, D.M.A. The decision to appoint Assure CPA was unanimous, with no votes against or abstaining. These developments are part of Lifeloc's ongoing corporate governance process. The outcomes were detailed in a proxy statement filed with the Securities and Exchange Commission on April 24, 2024, and reported in a Form 8-K filed by Lifeloc Technologies with the SEC on June 24, 2024.
InvestingPro Insights
Lifeloc Technologies, Inc. (OTC:LCTC) has been making waves in the investment community, not just through insider trading activity but also its financial performance. With a market capitalization of $9.33 million and a notable revenue growth of 9.81% over the last twelve months as of Q1 2024, the company is showing signs of expansion in its sector. Despite not paying dividends, Lifeloc's significant price increase of 100% over the last six months and an impressive 117.14% over the past year suggests a strong market confidence in its growth trajectory.
An InvestingPro Tip worth mentioning is that Lifeloc operates with a moderate level of debt, which can be a sign of prudent financial management. Additionally, the company's liquid assets exceed its short-term obligations, providing it with a stable financial cushion to support ongoing operations and strategic initiatives.
Investors interested in the deeper financial metrics of Lifeloc Technologies can find an array of additional InvestingPro Tips to guide their investment decisions. Currently, there are 5 more tips available, which can be accessed through the company's InvestingPro page at https://www.investing.com/pro/LCTC. For those looking to delve into these insights, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
As Lifeloc continues to navigate the laboratory analytical instruments sector, these financial metrics and InvestingPro Tips can provide investors with a clearer picture of the company's stability and growth potential. With the next earnings date on August 9, 2024, stakeholders will be keen to see how these factors play out in the company's financial results.
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