LAS VEGAS— Rimini Street , Inc. (NASDAQ:RMNI) Executive Vice President and Chief Financial Officer, Michael L. Perica, recently reported the sale of 3,433 shares of common stock. The shares were sold on December 13 at an average price of $2.2049 per share, totaling approximately $7,569. Since then, RMNI shares have shown strong momentum, rising to $2.72, with a notable 29% gain over the past week. According to InvestingPro analysis, technical indicators suggest the stock is currently in overbought territory. This transaction was part of an automatically-triggered "sell-to-cover" arrangement to meet tax withholding obligations associated with the vesting of Restricted Stock Units (RSUs).
Additionally, Perica acquired 8,334 shares of common stock through the vesting of RSUs, which were granted on December 13, 2021. These RSUs were part of a three-year vesting schedule, with the final third vesting on December 13, 2024. Following these transactions, Perica holds a total of 154,259 shares of Rimini Street common stock.
In other recent news, Rimini Street has faced a series of significant developments. A Craig-Hallum analyst upgraded Rimini Street shares from Hold to Buy following a favorable Appeals Court ruling. The court reversed many of the district court's decisions against Rimini Street in its legal dispute with Oracle (NYSE:ORCL), which could have positive implications for Rimini Street's appeal for a refund of the $58.5M in legal fees paid to Oracle.
Despite ongoing legal challenges, Rimini Street reported a strong financial quarter, with increased Annual Recurring Revenue (ARR), billings, and clients, and an uptick in retention rates. The company also demonstrated healthy gross margins of 60.17% and generated $40.87 million in EBITDA.
However, the company's recent Q3 2024 financial results were mixed, with a slight decrease in year-over-year revenue to $104.7 million and a net loss of $43.1 million. Rimini Street has also implemented a cost optimization plan aiming for $35 million in annual reductions, but has suspended future financial guidance due to ongoing litigation.
These recent developments underline Rimini Street's efforts to adapt its business model and offerings amid challenging circumstances. The company continues to focus on strategic partnerships and service expansions, including a notable collaboration with ServiceNow (NYSE:NOW) and new support for VMware (NYSE:VMW).
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