Electro Optic Systems Shares Plunge After CEO's $26 Million Sale for Divorce Settlement
Electro Optic Systems (EOS) shares dropped 16% after CEO Andreas Schwer announced a $26 million share sale for personal expenses, including a divorce. EOS has a significant order book of $459 million and recent contracts with NATO countries. Schwer's shareholding increased to nearly 2.9 million shares, with plans to sell 2.5 million shares approved. The company's share price surged 635% over the past year, but fell from $11.35 to $8.90 on Tuesday.
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Electro Optic Systems (EOS) experienced a 16% drop in its share price, closing at $8.90 after opening at $11.35, following CEO Andreas Schwer's announcement of a $26 million share sale for personal expenses related to a divorce. Schwer exercised options to acquire over 1.99 million shares, bringing his total to 2.9 million.
The company has an order book of $459 million and has secured recent contracts with NATO countries. Despite the decline, EOS shares have surged 635% over the past year and also announced new deals worth $64 million in the Middle East and US, along with a $125 million NATO contract for a laser defense system. The sale is approved, and both Schwer and COO Clive Cuthell will retain significant shareholdings.
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