Nextech AR Solutions Corp said its CEO Evan Gappelberg has purchased an additional 72,656 shares of the technology company in the open market.
The average purchase price was around US$1.10 (C$1.40) per share, the company added.
Gappelberg now owns over 10 million shares in the Vancouver-based company. The CEO purchased the stock between December 2 and December 6, 2021, Nextech said.
READ: Nextech AR Solutions launches ARitize 3D software-as-a-service for e-commerce
Gappelberg told shareholders that he continues to invest and buy more shares because he is “extremely excited about the Metaverse and our business prospects within the Metaverse,” adding that he does not believe that the firm’s current share price reflects the upside potential of its businesses.
“The Metaverse opportunity is new, exciting and huge to most companies, but we have been working on it for the past few years, which gives us what I believe is a head start,” the CEO said in a statement. “We are starting to see business momentum in our 3D and AR product offerings as more and more brands and companies are beginning to recognize this massive opportunity.”
Joining Gappelberg in his purchase are other senior members of Nextech’s management team, including CFO Andrew Chan, who bought 17,000 shares in open market buys. In total, Nextech senior management purchased 37,000 shares priced from C$1.32 to C$1.41 over the last several weeks.
Gappelberg told investors that he is optimistic about Nextech’s growth trajectory as it rolls out new product offerings for the burgeoning Metaverse.
“I’m investing today because I see many years of strong forward growth ahead, primarily in our expansive ARitize technology stack.”
Nextech’s offerings include products like ARitize Metaverse Studio, ARitize 3D, ARitize Ads and ARitize CAD, as well as a host of other titles geared towards the entertainment, consumer and educational industries.
Separately, Nextech said it had settled the payment of an earn-out related to the Map Dynamics assets acquisition disclosed and announced on November 23, 2020 for 193,789 shares issued at a price of C$1.57 per share, and US$15,000 in cash.
Contact Angela at angela@proactiveinvestors.com
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