Form 4: Expensify CEO David Barrett Sells Shares Under 10b5-1 Trading Plan
SEC Form 4 Filing
Expensify's CEO, David Michael Barrett, executed multiple sales of Class A Common Stock between April 26 and April 30, 2024, under a pre-arranged Rule 10b5-1 trading plan.
Summary
- David Michael Barrett, CEO of Expensify, Inc., sold shares of Class A Common Stock between April 26 and April 30, 2024.
- The sales were executed under a Rule 10b5-1 trading plan adopted on December 15, 2023.
- On April 26, 2024, 12,437 shares were sold at a weighted average price of $1.63, with individual prices ranging from $1.60 to $1.67.
- On April 29, 2024, 1,500 shares were sold at a weighted average price of $1.61, with individual prices ranging from $1.61 to $1.63.
- On April 30, 2024, 1,500 shares were sold at a weighted average price of $1.59, with individual prices ranging from $1.56 to $1.63.
- Following these transactions, Barrett directly owns 133,668 shares of Class A Common Stock and indirectly owns 1,024,411 shares through Barrett Trust LLC.
- The investment and voting decisions of Barrett Trust LLC are made by its manager, the Reporting Person, and its controlling member is the Barrett Family Trust, for which the Reporting Person serves as trustee.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the filing simply reports stock sales under a pre-arranged trading plan, which is a common and legal practice. It doesn't inherently indicate positive or negative sentiment about the company's future prospects.
Industry Context
Insider selling is a common occurrence, and the use of 10b5-1 plans allows corporate insiders to sell shares over a predetermined period, mitigating concerns about trading on non-public information. The market typically analyzes these filings to gauge insider sentiment, but pre-planned sales often have limited impact.
Key Dates
| Date | Description |
|---|---|
| 2023-12-15 | Date the reporting person adopted a Rule 10b5-1 trading plan |
| 2024-04-26 | Date of first reported transaction: sale of 12,437 shares at $1.63 weighted average price |
| 2024-04-29 | Date of second reported transaction: sale of 1,500 shares at $1.61 weighted average price |
| 2024-04-30 | Date of third reported transaction: sale of 1,500 shares at $1.59 weighted average price |
| 2024-04-30 | Date of Form 4 filing |
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