RAS Technology founders sell down 3 million shares following new contracts

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.