It’s been a rocky start to public life for social media junior Keek (TSXV:KEK), but the company has at least one shareholder who remains undeterred.
Pinetree Capital CEO Sheldon Inwentash, personally and through Pinetree, continues to buy shares of the company in the open market. On July 10th, he bought 500,000 shares of Keek at $0.15. That followed on a million shares he bought at $0.174 on June 30th and another two-million on June 27th.
The purchases add to several Inwentash made in June.
The backdrop to this activity is a company that is in flux. Today, Keek made its fourth recent senior appointment in the form of former YuMe exec Iain Wilson, who will act as vice-president, European Union business development. Wilson commented on the appointment.
“I am excited about Keek because the social video industry has exploded exponentially year over year and has enormous potential in the future,” he said. “I want to not only be a part of that category growth, but also partner with the clear emerging leader. With its celebrity and influencer connections and strong user base, Keek is poised for even greater success, and it has already surpassed many of its competitors with its global reach and ability to give users 36 seconds of content. I am thrilled to expand the brand across the European market.”
Keek, which was founded in 2011 and has been described as video version of Twitter, is best known among the teen-set and its most famous users include names best known to them, such as Kim Kardashian, singer Jesse McCartney, reality star Kendall Jenner and singer Austin Mahone. The company, which has raised more than $30-million to date, boast 67.5-million users worldwide.
At press time, shares of Keek were down 6.7% to $0.14.