Does anyone know why Gary sold shares after he said he would not unless the price was 0.25?
I have not been following the boards lately so I have not seen or heard anything. When the price dropped yesterday I saw someone posting he was selling. Curious to know why?
Jun 13, 2012 RABIN GARY H
Officer 350,000 Direct Sale at $0.07 per share. 24,500
Jun 12, 2012 RABIN GARY H
Officer 300,000 Direct Sale at $0.07 per share. 21,000
Jun 10, 2012 RABIN GARY H
Officer 175,029 Direct Sale at $0.08 per share. 14,002
It's not a lot of shares but it does go against what he said last year of not selling any.
Given the limited amount of current cash on hand at ACTC, many members on the management team receive stock awards as part of their total annual compensation. This stock is considered ordinary income, despite being phantom in nature, and therefore taxes must be paid related to this phantom income. Estimated tax payments are generally due on the 15th of June and given the dates of the reported Rabin sales, it is very likely the sales were made to cover taxes due.
It would still be nice to hear that from him wouldn't it? Even after he said he would not sell unless the price was at or above 0.25?
It is a small amount to be sure. It's not like he sold nearly 2 million shares into great news or something. Only an idiot would do something like that. :)