One day after announcing new contract wins, wagering tech company RAS Technology Holdings (ASX: RTH) has notified the market that its founders, Gary Crispe and Robert Vilkaitis, have sold down 3 million shares a month after the duo sold another 5 million RTH shares.
This sell-down represents 6.6% of the Company’s issued capital on top of their 11% sell-down in April 2024, aimed at increasing liquidity, free float, and greater personal diversification for the vendors.
The sale, executed at a price of $1.25 per share through a block trade, leaves Crispe and Vilkaitis with a 17.7% shareholding each in the Company. They have no immediate plans to further divest shares until at least the release of the H1 FY25 financial results.
The sell-down was executed at a price below the $1.50 IPO listing price in 2021, and comes just one day after RAS announced new contract extensions and deals projected to contribute an additional $1.2 million in revenue annually from wagering companies Tabcorp, Bet365, Entertain and Stake.com for enhanced data and analytics on racing and sports.
In H1 FY24, the Company delivered revenue of $7.6 million, representing an increase of 33% compared to the previous corresponding period. EBITDA for the half was $641k, up from $83k in the pcp. It reported positive cashflow from operations of $1.1m.
RAS Technology confirmed that Crispe and Vilkaitis have no intention to sell down their stakes further, at least until after the release of H1 FY25 financial results in February 2025.
Alinda is a Business Reporter for The Sentiment
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