Form 4: MetroCity Bankshares Director Don Leung Sells Shares Under 10b5-1 Trading Plan
SEC Form 4
Director Don Leung of MetroCity Bankshares sold a portion of his common stock holdings under a pre-arranged Rule 10b5-1 trading plan.
Summary
- On July 12, 2024, Don Leung, a director of MetroCity Bankshares, Inc., sold 61 shares of common stock at a price of $28.5 per share.
- Following this transaction, Leung directly owns 1,081,406 shares of MetroCity Bankshares common stock.
- On July 15, 2024, Leung sold 26,205 shares of common stock at a price of $28.5 per share.
- Following this transaction, Leung directly owns 1,055,201 shares of MetroCity Bankshares common stock.
- The sales were executed under a Rule 10b5-1 trading plan adopted on May 9, 2023.
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 practice.
Industry Context
Sales by insiders are common and often pre-planned, especially when executed under a 10b5-1 trading plan, which allows insiders to sell shares at predetermined times to avoid accusations of trading on non-public information.
Key Dates
| Date | Description |
|---|---|
| May 9, 2023 | Date the Rule 10b5-1 Trading Plan was adopted by Don Leung |
| July 12, 2024 | Date of the first reported transaction: sale of 61 shares at $28.5 |
| July 15, 2024 | Date of the second reported transaction: sale of 26,205 shares at $28.5 |
| July 16, 2024 | Date of the Form 4 filing |
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