Safety Shot, Inc., a significant shareholder in SRM Entertainment, Inc. (NASDAQ:SRM), has sold 259,567 shares of the company, according to a recent SEC filing. The micro-cap company, currently valued at approximately $11 million, has seen its stock decline over 52% year-to-date according to InvestingPro data. The shares were sold on December 12 at prices ranging from $0.75 to $0.87 per share, amounting to a total transaction value of approximately $204,000. Following the sale, Safety Shot retains ownership of 2,597,944 shares in SRM Entertainment. While the company maintains a positive cash position with more cash than debt, InvestingPro analysis indicates rapid cash burn and high price volatility. InvestingPro subscribers can access 8 additional key insights about SRM's financial health and market position.
In other recent news, SRM Entertainment has made several noteworthy moves. The company's shareholders approved a new equity incentive plan and ratified the appointment of M&K CPAS, PLLC as the independent registered public accounting firm for the fiscal year ending December 31, 2024. Additionally, five director nominees were elected to serve a one-year term, with each receiving substantial support.
SRM Entertainment has also been navigating significant developments, including the risk of Nasdaq delisting if it fails to maintain a minimum bid price requirement. The company has until April 21, 2025, to meet this requirement.
In a strategic move to expand its market presence, SRM Entertainment acquired assets related to the movie "The Kid" from Suretone Entertainment for a total of $3 million. The payment includes cash, restricted shares of SRM Entertainment's common stock, and a secured promissory note set to mature in 2025.
On the executive front, the company renegotiated employment terms with CEO Richard Miller. The new contract includes performance-based incentives and a revised compensation structure, with an initial annual base salary of $225,000 for Miller and a guaranteed minimum increase of 10% each subsequent year. These are recent developments in SRM Entertainment's efforts to motivate and retain top leadership while driving growth and diversification.
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