Arq, Inc. (NASDAQ:ARQ) disclosed that Claiborne Benson Smith, the company’s General Counsel and Corporate Secretary, completed two insider purchases of the company’s common stock in March 2026 totaling $3,836.
Per a Form 4 filed with the Securities and Exchange Commission, Smith acquired 1,000 shares on March 12, 2026 at $1.9185 per share and purchased an additional 1,000 shares on March 16, 2026 at $1.9179 per share. After these transactions, Smith directly holds 102,491 shares of Arq, Inc.
The insider purchases occurred while ARQ shares were trading at $1.88, a price point that represents a 62% decline over the past year and sits close to the stock’s 52-week low of $1.54. Analysis from InvestingPro noted that the stock appears undervalued at current levels and that InvestingPro supplies 11 additional tips and expanded metrics for investors seeking deeper data on the company.
Operationally and financially, Arq reported mixed results for the fourth quarter of 2025. The company recorded 9% sales growth in the quarter, beating expectations by 2%. Despite the top-line beat, Arq’s gross margin came in at 14%, materially underperforming Clear Street’s forecast.
Arq also recorded a $45 million non-cash impairment charge associated with its Corbin assets and the company’s granular activated carbon (GAC) production. Management has paused GAC production in response to issues with the facility’s thermal oxidizer. The oxidizer is currently supporting only 15 million pounds of annual production capacity, below the targeted 25 million pounds, prompting the temporary production halt while the issue is addressed.
Following these developments, Canaccord Genuity and Clear Street each lowered their respective price targets for Arq, adjusting them to $5.00 and $6.50, respectively. Both firms retained Buy ratings despite the reductions.
In parallel with operational adjustments, Arq amended its Credit, Security, and Guaranty Agreement with MidCap Funding IV Trust. The amendments alter the calculations used to determine borrowing availability and make changes to the company’s minimum liquidity requirements. Specifically, the minimum liquidity threshold was temporarily reduced to $2.0 million until February 27, 2026; after that date the minimum will increase to $5.0 million.
The insider purchase by Arq’s top legal officer is a modest transaction in dollar terms but comes against a backdrop of production challenges, a large impairment charge and revised lender covenants. These facts provide context for investors evaluating the company’s near-term operating profile and capital position.
Note: This article presents the facts disclosed by the company, regulatory filings and analyst updates without commentary beyond the reported information.