Rimini Street (NASDAQ:RMNI) disclosed that Executive Vice President and Chief Revenue Officer Steven Hershkowitz was the subject of an automatically-triggered sell-to-cover transaction on March 4, 2026. The disposition involved 5,193 shares of common stock executed at a price of $3.6428 per share, yielding a total proceeds figure of $18,916. The company reports that the sale was carried out solely to meet withholding tax requirements tied to equity vesting and was not initiated by Hershkowitz himself.
Also recorded on the same March 4 vesting date were issuances to Hershkowitz: 11,493 shares issued on vesting of Restricted Stock Units and 5,632 shares issued upon the vesting of Performance Units. The reported price for those issued shares was $0. Following these transactions, Hershkowitz’s direct ownership is reported at 111,877 shares of Rimini Street common stock.
At the time of the sell-to-cover trade, shares of Rimini Street were trading at approximately $3.62, a level noted as being close to the lower bound of the stock’s 52-week trading range of $2.79 to $5.38. Independent price-target analysis cited in the company’s reporting indicates analyst targets between $4.25 and $7.00, a band that sits above the market price at the time of the transactions. Rimini Street’s market capitalization is listed at $331.82 million, and the company is described as having more cash than debt on its balance sheet.
Beyond insider transaction details, the company announced an expansion of its engagement with Tidewater Inc. Rimini Street’s initial work supporting Tidewater’s Oracle PeopleSoft ERP deployment in Brazil has been extended to a global relationship that now encompasses additional services. According to the disclosure, Rimini Street has begun supporting Tidewater’s SAP systems and has implemented a new tax software solution across Tidewater’s worldwide operations. The company described these steps as marking progress in Tidewater’s operational capabilities and as evidence of the broader scope of the partnership.
Context and implications
The sale on March 4 was categorized as a routine, policy-driven action to satisfy tax withholding obligations tied to equity vesting rather than a voluntary disposition by an insider. At the same time, the vesting events meaningfully increased Hershkowitz’s direct holdings in the company. Market commentary cited alongside the filing highlights a divergence between the share price at the time of sale and analyst price targets, while company-level balance sheet metrics were summarized by noting a market cap of $331.82 million and a net cash position relative to debt.
The disclosure of an expanded engagement with Tidewater outlines a client services development in which Rimini Street’s support role has broadened from a regional ERP engagement to global coverage that includes SAP support and a worldwide tax software rollout for a specific client.
Transaction specifics
- Insider: Steven Hershkowitz, Executive Vice President and Chief Revenue Officer
- Sell-to-cover shares: 5,193 at $3.6428 per share; total value $18,916
- Vested Restricted Stock Units: 11,493 shares
- Vested Performance Units: 5,632 shares
- Vesting price reported for issued shares: $0
- Total direct holdings after transactions: 111,877 shares
- Market context: traded at $3.62 on the transaction date; 52-week range $2.79 to $5.38
- Analyst price targets referenced: $4.25 to $7.00
- Market capitalization reported: $331.82 million; company holds more cash than debt