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  "documentTitle": "Limbach Holdings, Inc. (LMB)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-07-22 00:00:00",
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      "text": "Limbach's stock-based compensation payments, coupled with warrant issuances and a public offering in 2021, have left its shares outstanding nearly 50% higher than they were in 2019.",
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      "text": "Shares Purchased/(Sold) By Insiders*",
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      "text": "shares outstanding: 49%",
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      "text": "Limbach's stock-based compensation payments, coupled with warrant issuances and a public offering in 2021, have left its shares outstanding nearly 50% higher than they were in 2019. The Company did repurchase $2 million of its stock in 2022 but has not since. On top of that, since 2023 insiders have been net sellers on the open market.",
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      "text": "*Based on Form 4 data, only includes current members of management and board; open market purchases less open market sales. Source: Limbach's financial statements",
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      "text": "Limbach's Generous Stock-Based Compensation Has Helped Drive Material Dilution",
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