SK Inc., a significant shareholder of SES AI Corp (NASDAQ:NYSE:SES), has recently sold shares worth approximately $362,964. The transactions occurred on December 13 and December 16, involving the sale of 917,857 shares of Class A Common Stock. The shares were sold at prices ranging from $0.39 to $0.40 per share, amid a challenging year that has seen the stock decline over 80% in the past 12 months. According to InvestingPro analysis, SES currently trades at a Price/Book ratio of 0.44, suggesting potential undervaluation.
Following these transactions, SK Inc. continues to hold 32,569,670 shares of SES AI Corp, which includes 3,829,028 Earn-Out Shares. This move reflects the company's ongoing management of its investment portfolio in SES AI Corp, which now has a market capitalization of approximately $148.5 million. InvestingPro data reveals that SES maintains a strong balance sheet with more cash than debt, one of 17+ key insights available to subscribers through the comprehensive Pro Research Report.
In other recent news, SES AI Corp announced the immediate resignation of board member Brian Krzanich, following his appointment as CEO of Cerence Inc (NASDAQ:CRNC). The company has yet to reveal any changes to the board's structure or a successor. In parallel, SES AI Corp has reported considerable progress in its lithium metal battery technology and AI solutions. The company has successfully completed key safety tests for its 100 mPOWER lithium metal B-sample cells and established profitable supply agreements, including one with SoftBank (TYO:9984). These developments are anticipated to generate substantial revenue from AI-accelerated battery material discovery. SES AI Corp has also demonstrated a robust financial standing, ending the third quarter with $274 million in liquidity. Operating expenses for the quarter amounted to $34.2 million, with projected cash usage for 2024 between $80-$95 million. In light of these recent developments, SES AI Corp plans to expand its customer base across various sectors, including automotive and electronics, and integrate AI into manufacturing and safety operations.
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