Nagar Yaacov, a ten percent owner of 374Water Inc. (NASDAQ:SCWO), has sold 8,563 shares of the company's common stock, according to a recent SEC filing. The shares were sold at a weighted-average price of $1.411 per share, generating a total value of $12,082. Following this transaction, Yaacov holds 37,120,322 shares of 374Water Inc. The sale was executed in multiple trades with prices ranging from $1.410 to $1.412.
In other recent news, 374Water Inc. has secured approximately $12.2 million through a registered direct offering of shares and warrants. The cleantech company sold nearly 9.8 million shares of common stock, bundled with warrants for the purchase of an additional 14.7 million shares. The offering, facilitated by D. Boral (OTC:BOALY) Capital LLC, is expected to conclude by November 2024, subject to customary closing conditions.
In addition to this financial endeavor, 374Water has initiated operations of its AirSCWO technology at the Iron Bridge Regional Water Reclamation Facility in Orlando. This move marks a significant step in commercial biosolids processing, enabling the company to efficiently manage biosolids and PFAS contaminated wastes. The Florida Department of Environmental Protection supported the installation with a grant under the Bilateral Infrastructure Law emerging contaminant funding.
These recent developments come on the heels of the successful deployment of the AirSCWO technology at the Merrell Bros' facility in Kokomo, IN. Looking forward, 374Water anticipates additional commitments across the United States, including a deployment to Orange County Sanitation in California in 2025.
InvestingPro Insights
In light of Nagar Yaacov's recent stock sale, it's worth examining 374Water Inc.'s current financial position and market performance. According to InvestingPro data, the company's market capitalization stands at $137.16 million, reflecting its status as a niche player in its industry.
Recent market trends have not been favorable for 374Water. InvestingPro Tips indicate that the stock has taken a significant hit over the last week, with a 1-week price total return of -31.79%. This downward trend extends to the past month, where the stock has fared poorly with a -40.46% return.
Despite these challenges, 374Water maintains a strong liquidity position. An InvestingPro Tip highlights that the company holds more cash than debt on its balance sheet, and its liquid assets exceed short-term obligations. This financial stability could provide some reassurance to investors amidst the recent stock volatility.
However, profitability remains a concern. The company was not profitable over the last twelve months, with a negative gross profit margin of -413.29%. Analysts do not anticipate the company will be profitable this year, and net income is expected to drop.
For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for 374Water Inc., providing a deeper understanding of the company's financial health and market position.
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