Nextech AR Solutions Corp CEO Evan Gappelberg has increased his stake in the metaverse company with another open-market purchase of shares.
The CEO purchased a total of 50,310 shares between December 17 to 20 at an average purchase price of US$1 or C$1.29 per share.
Gappelberg now owns nearly 10.1 million shares of the Vancouver-based technology firm.
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“I’m putting my money where my mouth is. I hope that investors will take note of how much management believes in Nextech’s future potential,” Gappelberg told investors in a statement.
Additionally, Nextech said it had filed a base shelf prospectus to raise up to C$75 million during the 25-month period that the prospectus remains in effect.
“I have the utmost belief in Nextech AR Solutions company direction, our executive leadership team, and in everyone behind the scenes working to achieve our vision of becoming the lowest cost, highest quality 3D model factory in the world,” Gappelberg said.
“As mentioned previously, I don’t believe that our current share price accurately reflects the upside potential of our businesses, which is why I continue to increase my ownership position.”
READ: Nextech AR Solutions CEO Evan Gappelberg ups stake in company with open market purchases of over 72,000 shares
With the continued rollout of its Software-as-a-Service (SaaS) platforms, Nextech said it will move away from managed solutions and toward monthly recurring revenue, business scalability, and “low to no touch”.
The company has issued a revised revenue guidance for 2021 to around $26 million compared to the $50-$60 million it had originally targeted, due to several contracts being delayed but expected in 2022.
Gappelberg told shareholders that the firm is signing up new accounts to its ARtize 3D product line and is seeing a big jump in demand for its 3D model making solutions.
“I see this as a validation of our efforts to disrupt the emerging multi-billion-dollar 3D model market with the highest quality, lowest cost, most scalable 3D model solutions anywhere,” the CEO said. “All signs point to the fact that 2022 will be a breakout year for everything 3D."
Contact Angela at angela@proactiveinvestors.com
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