Cettire shares dive as CEO increases stake
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More news: Shares in Cettire dived at market open while the ecommerce platform's CEO and founder Dean Mintz bought up more shares in the company.
Cettire shares were down 7.8% to $1.42 by 10:30am AEST.
Cettire CEO Dean Mintz hikes stake in company
The news: Cettire chief executive Dean Mintz has increased his stake in the luxury ecommerce platform by 3% through a share purchase of $15.8 million.
The numbers: Mintz, who founded Cettire in 2017, increased his voting power in the company from 29.98% to 32.98%, according to an ASX filing.
Over two on market purchases, he bought 6,275,290 shares for $7.95 million at an average share price of $1.2667 on 2 September, and a further 5,161,500 shares for $7.86 million at an average share price of $1.5235 on 3 September.
The context: Cettire shares rallied on Tuesday, rebounding from an 18.8% intraday fall last Thursday after the company reported a 34% fall in annual profit. Cettire ended the day 9.6% higher at $1.54 per share, having shed more than 50% since the turn of the year.
The ecommerce business, which also delivered a late and unusual earnings call after publishing its results last week, has become one of the ASX's most shorted stocks with investors.
What they said: "We are relentlessly focussed on driving profitable revenue growth, expanding out global footprint, remaining self-funding and executing Cettire's growth strategy. I believe we are well placed to deliver profitable growth in FY25 and beyond," Mintz said on his purchase.
The sources: ASX announcement, ASX announcement
