In a recent filing with the Securities and Exchange Commission, Ma Jun, the Chief Executive Officer and President of VASO Corp (OTC:VASO), reported the purchase of 200,000 shares of the company's common stock. The shares were acquired at a price of $0.13 each, amounting to a total transaction value of $26,000. Following this transaction, Ma Jun holds a total of 10,498,146 shares directly. This acquisition reflects a continued investment in the company by its top executive.
In other recent news, Vaso Corporation has rescheduled its extraordinary general meeting of stockholders, initially set for late August, to recommence on September 10, 2024. The decision, disclosed in a recent filing with the U.S. Securities and Exchange Commission, aims to provide stockholders additional time to review proposals and cast their votes. Main agenda includes voting on a proposed business combination with Achari Ventures Holdings Corp. I and its subsidiary, Achari Merger Sub Inc.
In addition, Vaso Corporation has disclosed unaudited pro forma financial information as part of its proposed business combination with Achari. This financial data combines historical financial results of both companies, aiming to provide investors with a basis for evaluating the potential impact of the merger. However, the pro forma financials are for informational purposes only and do not necessarily reflect the actual results that would have been achieved had Vaso and Achari been a single company.
These developments are part of an ongoing process as Vaso and Achari work towards completing the proposed business combination, which is subject to customary closing conditions, regulatory approvals, and approval by the shareholders of both companies.
InvestingPro Insights
Ma Jun's recent purchase of VASO Corp shares at $0.13 each aligns with current market valuations, as InvestingPro data shows the stock's previous closing price at $0.13. This insider buying comes at a time when VASO's stock has experienced significant volatility. According to InvestingPro Tips, the stock has fared poorly over the last month, with a 1-month price total return of -18.46%. Moreover, the stock has taken a big hit over the last six months, reflected in a 6-month price total return of -51.32%.
Despite these short-term challenges, InvestingPro data suggests a potential upside, with a fair value estimate of $0.18 per share, indicating possible undervaluation at current levels. This could explain Ma Jun's decision to increase his stake in the company.
It's worth noting that VASO Corp currently has a market capitalization of $22.65 million and is not profitable over the last twelve months, as highlighted by InvestingPro Tips. The company's price-to-book ratio stands at 0.88, suggesting that the stock might be trading below its book value.
Investors considering VASO Corp might find additional value in exploring the full range of InvestingPro Tips, which includes 7 tips not mentioned here, providing a more comprehensive analysis of the company's financial health and market position.
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