ActiveMarketInsider.com was again at their best with today’s alert on Lantronix, Inc (NASDAQ:LTRX), a company specializing in networking and providing M2M (machine to machine) and IoT (Internet of Things) solutions. Yahoo finance currently has LTRX’s float listed at just 6.79M which is equivalent of just $8.7M in shares available to the entire public for trading. With a float that tight, the slightest burst in volume sent shares soaring more than 25 percent. LTRX closed the day at $1.60.
The company has been slowly, but surely moving up the chart in the last 6-months and looks like they will be revealing their ‘Fiscal 2016’ results after the market closes on Tuesday. The webcast will be available via the investor relations section of LTRX‘s website at www.lantronix.com.
As per the information made public by the LTRX, the company’s products deliver secure connectivity, device management and mobility for today’s increasingly connected world. Founded in 1989, LTRX pioneers robust, intelligent and easy to deploy solutions for mission critical applications in a wide range of industries, including data center, medical, security, industrial, transportation, retail, financial and government. LTRX announced that Hale Capital Partners have entered into an agreement to purchase 1,941,748 LTRX common shares at a price of $1.03 per share, which reflects the closing price of the company’s stock as of June 15, 2016, for a total investment of $2.0 million. Proceeds from the sale will be used for general corporate purposes, including supporting the company’s strategic IoT initiatives.
Further, the company also added that technology investor Martin Hale Jr. is joining the board of directors as an independent director, expanding the company’s board of directors to six members. Mr. Hale has previously served as a director of several other public technology companies, including Adept Technology, Inc., a leading provider of intelligent vision-guided and autonomous robotic solutions (acquired by Omron Corporation); Telanetix, Inc., a cloud-based telecommunications service provider (acquired by Intermedia.net); and Paradigm Solutions, a cybersecurity solutions provider (acquired by CACI International, Inc.). As per the press release, Mr. Hale was a managing director and member of the founding team of Pequot Ventures, where he was responsible for helping to manage seven funds with approximately $2 billion in assets under management.
“I’m excited to have a director of Martin’s caliber joining our board,” said Jeffrey Benck, president and CEO of LTRX. “Martin’s nearly 20 years of financial leadership and reputation as a successful long-term strategic investor in emerging microcap companies is well established. His experience in the technology sector and his proven track record in creating shareholder value will make him a valued addition to Lantronix.”
“Hale Capital Partners’ strategy is to create value by partnering with talented management teams to achieve remarkable corporate transformations. We see Lantronix as a company that is well-positioned to take advantage of the exciting growth opportunity that the IoT market represents. With an energized and focused executive team at the helm, I’m thrilled to be joining the board of LTRX at this exciting stage in its development,” said Hale. “I look forward to working with the Board and Jeff to help guide the company as it executes its strategic transformation plan.”
In July, LTRX announced the launch of a new Lantronix subsidiary and IoT software lab in Hyderabad, India.
“The opening of our software lab in Hyderabad, India represents a significant step forward in the execution of our IoT growth strategy,” said Jeff Benck, president and CEO of LTRX. “Our executive team has been maniacally focused on securing the right incremental resources to execute our strategic product development plan, and the launch of this new facility in India is the direct result of these efforts.” Benck continued: “We believe Hyderabad, India is the perfect place to expand our engineering efforts in Asia, providing excellent access to a trained technical workforce, close proximity to over 200 engineering colleges, and a government organization that is actively engaged in creating a business-friendly environment for growth minded technology companies.”
ActiveMarketInsider.com is the same promoter that pumped the stock prices of Debt Resolve, Inc.(OTCMKTS:DRSV) on August 5th for a stageering 300 percent gains in less than 10 min after market opened that day. We will be updating our members on LTRX soon. Its important to always follow traders vigilance when trading with high volatility stocks.