Form 4: Butterfly Network's CTO, Andrei Stoica, Sells Shares to Cover Tax Obligations

Andrei Stoica, Chief Technology Officer of Butterfly Network, sold 3,363 shares of Class A Common Stock on June 25, 2024, to cover tax withholding obligations related to vesting restricted stock units.

Summary

• On June 25, 2024, Andrei Stoica, the Chief Technology Officer of Butterfly Network, sold 3,363 shares of Class A Common Stock.
• The sale was executed to cover tax withholding obligations associated with the vesting of restricted stock units.
• The shares were sold at a weighted average price of $0.924, with individual sales prices ranging from $0.9151 to $0.9497 per share.
• Following the transaction, Stoica directly owns 1,482,441 shares of Class A Common Stock.
• The sale was automatic and not at the discretion of the reporting person, according to the issuer's 'sell-to-cover' policy.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing detailing an insider stock sale for tax purposes, which is neither particularly positive nor negative.

Industry Context

Form 4 filings are standard practice and provide transparency into insider transactions, allowing investors to monitor the actions of company executives and their potential impact on the stock's performance. This particular transaction appears to be routine, related to tax obligations.

Stakeholder Impact

• The sale of shares by an insider could create short-term selling pressure on the stock.
• The transaction is part of a standard 'sell-to-cover' policy, which is generally understood by investors.

Key Dates