If you want to know why this stock price is languishing despite the improving backdrop, just take a look at the management ownership.
Major General Amikam Shafran. Current holding 0
David Furstenberg. Current holding 0
Joshua Landau. Current holding 0 (Despite saying he would buy after the current blackout period ended on the webinar around this time last year).
Kevin Hightower. Current holding 0
Yoav Amitai CEO since March 2021 current holding 0.
Dan Hilerowitz CFO current holding 0
Roee Kashi CTO and co-Founder holds but all gifted as founder
Nir **y founder and owns over 20 million shares but 95% were gifted for his ‘great achievements’ and has recently been selling his options.
Howard Digby is the only director that bought the IPO and have been buying in placements and during Nir’s selldown. Howard is the lone wolf and needs to be commended.
The stock is now trading 20% below the previous raising price of 45c. That fact that no-one from the management team is buying stock at these levels tells you everything you need to know. They either don’t believe it is value here and/or they think there is another capital raise coming at a lower price
The worst part is, twice I’ve been approached to buy stock from Nir to pay his unfortunate massive tax bill from his gifted stock. Let me repeat ‘gifted, not purchased’. The only stock I know that Nir had to buy was the options conversion that again were gifted for his ‘incredible performance’ at Elsight. The insult to us common shareholders is that we get approached to buy Nir’s stock, and not a single director except Howard has ever bought one.
The BS. they have given us previously on why management won’t buy shares is that it’s ‘not customary in Israel’ and they want to keep their independence, however, there are loads of other ASX listed Israeli companies where directors have been buying on market eg W2V, WBT, DTZ, HMD and I haven’t been through all of them.
No skin in the game = Zero shareholder valuation creation in 3 years despite a major tech bull-market.
It’s about time for a management shakeup to remove these guys who don’t believe in their own company.
(20min delay)