Form 4: Coastal Financial Corp CEO Eric Sprink Sells Shares Over Three Days
SEC Form 4
Coastal Financial Corp CEO Eric Sprink sold a total of 23,690 shares of common stock between October 28 and October 30, 2024, according to a Form 4 filing.
Summary
- Eric Sprink, CEO of Coastal Financial Corp, reported the sale of 23,690 shares of common stock over three days.
- On October 28, 2024, he sold 4,000 shares at a price of $63.20 per share.
- On October 29, 2024, he sold 12,690 shares at $64.19 per share.
- On October 30, 2024, he sold 7,000 shares at $65.93 per share.
- Following these transactions, Sprink directly owns 251,388 shares of common stock.
- He also indirectly owns 400 shares each through custodianships for three children.
- The sales were executed under a pre-arranged Rule 10b5-1 trading plan.
- Sprink also holds 50,253 time-based restricted stock units (RSUs) that vest in future installments and 100,000 performance-based restricted stock units that vest on October 4, 2027, dependent on performance goals.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock sales by an insider. It doesn't inherently convey positive or negative sentiment, but rather provides factual information.
Industry Context
Form 4 filings are a routine part of regulatory compliance for corporate insiders and provide transparency into their trading activities. The use of a 10b5-1 trading plan suggests the sales were pre-planned and not based on immediate market information.
Stakeholder Impact
- Shareholders may interpret insider sales in various ways, potentially affecting investor confidence.
Key Dates
| Date | Description |
|---|---|
| 10/28/2024 | Eric Sprink sold 4,000 shares of common stock at $63.20 per share. |
| 10/29/2024 | Eric Sprink sold 12,690 shares of common stock at $64.19 per share. |
| 10/30/2024 | Eric Sprink sold 7,000 shares of common stock at $65.93 per share. |
| 10/31/2024 | Date of the Form 4 filing. |
| 10/04/2027 | Vesting date for 100,000 performance-based restricted stock units. |
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