Form 4: Avid Bioservices CFO Daniel Hart Sells Shares to Cover Tax Obligations
SEC Form 4
Daniel Hart, CFO of Avid Bioservices, sold 2,826 shares of common stock on April 30, 2024, to satisfy tax withholding obligations related to the vesting of restricted stock units.
Summary
- On April 30, 2024, Daniel R. Hart, the Chief Financial Officer of Avid Bioservices, Inc. (CDMO), sold 2,826 shares of the company's common stock.
- The sale was executed at a weighted average price of $7.3993 per share.
- The transaction was conducted to cover tax withholding obligations associated with the vesting of restricted stock units (RSUs) on April 9, 2024.
- Following the transaction, Hart directly owns 82,221 shares of Avid Bioservices.
- The sale was not a discretionary trade but rather a contractual election to cover taxes.
Sentiment
Score: 5
Explanation: The document describes a routine transaction (sale of shares to cover tax obligations). It doesn't indicate positive or negative sentiment.
Industry Context
This is a routine transaction related to executive compensation and tax obligations. It is common for executives to sell shares to cover taxes when RSUs vest.
Key Dates
| Date | Description |
|---|---|
| 04/09/2024 | Restricted stock units vested. |
| 04/30/2024 | Daniel Hart sold 2,826 shares of Avid Bioservices common stock. |
| 05/02/2024 | Date of signature on the Form 4 filing. |
Keywords
Avid Bioservices, CDMO, Daniel Hart, CFO, stock sale, Form 4, tax obligations, restricted stock units, RSUs, insider trading
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