Form 4: BRC Inc. Director Thomas E. Davin Resigns, Exchanges Common Units for Class A Stock
SEC Form 4
Thomas E. Davin, a director and 10% owner of BRC Inc., resigned from the board and exchanged common units for Class A common stock on September 12, 2024.
Summary
- Thomas E. Davin, a director and 10% owner of BRC Inc. (BRCC), filed a Form 4 on September 16, 2024, reporting transactions that occurred on September 12, 2024.
- Davin exchanged an aggregate of 394,044 common units of Authentic Brands LLC for an equivalent number of shares of Class A Common Stock of BRC Inc. and forfeited an equivalent number of Class B shares.
- Specifically, 159,179 common units were exchanged for 159,179 shares of Class A Common Stock, and 234,865 common units were exchanged for 234,865 shares of Class A Common Stock.
- Davin also sold 159,179 shares of Class A Common Stock at $3.2634 per share and 234,865 shares of Class A Common Stock at $3.2644 per share.
- Following these transactions, Davin directly owns 15,851 shares of Class A Common Stock and indirectly owns 0 shares of Class A Common Stock through an LLC.
- He also directly owns 6,907,463 shares of Class B Common Stock and indirectly owns 936,927 shares of Class B Common Stock through an LLC.
- Effective September 13, 2024, Davin resigned from the board of directors of BRC Inc.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing detailing transactions and a resignation. It doesn't inherently convey positive or negative sentiment, but rather provides factual information.
Industry Context
This filing reflects insider activity related to share ownership and a change in board composition, which are common occurrences in publicly traded companies. Investors often monitor such filings for insights into management's perspective on the company's prospects.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Director | Thomas E. Davin | 09/13/2024 | Resignation |
Stakeholder Impact
- Shareholders may react to the director's resignation and the sale of shares, depending on their interpretation of the reasons behind these actions.
- The company will need to fill the vacant board seat.
Key Dates
| Date | Description |
|---|---|
| 08/09/2022 | Date exercisable for Common Units |
| 09/12/2024 | Date of transactions: exchange of common units, forfeiture of Class B shares, and sale of Class A shares |
| 09/13/2024 | Effective date of Thomas E. Davin's resignation from the board of directors |
| 09/16/2024 | Date of Form 4 filing |
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