CEO quadruples stake.
Roderick Wong, CEO at Health Sciences Acquisitions Corporation (HSAC), quadrupled his stake with a 126,000 share buy. The cost came to just over $1.2 million, and leaves the CEO with over 156,000 shares.
Insider data shows CEO buys as the only insider activity since going public back in July. HSAC went public as a “blank check” company, raising funds to acquire assets in the health space through a variety of means such as a merger, stock exchange, or stock purchase.
The large purchase from the CEO this month indicates that a potential move may be ahead which could prove accretive to shares, such as the company’s first acquisition since raising funds.
Action to take: None, for now. While a massive increase in shares by any company CEO is worth a closer look, the company has a limited operating history and no productive assets until it starts to make some acquisitions.
Investors interested in the opportunity here should also wait for a chance to buy shares under the company’s IPO price of $10.00. A look at the company’s 52-week range shows buying potential under $9.50.
Speculators should look elsewhere. Besides lacking any assets that can change in value and be reported via earnings, the company is too small to have any active options trading against it at this time.
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