Form 4: MoneyLion CFO Richard Correia Reports Stock Sales and Option Exercises
SEC Form 4
Richard Correia, President, CFO, and Treasurer of MoneyLion Inc., reports multiple sales of Class A Common Stock and exercises of stock options across several transactions in May 2024.
Summary
- Richard Correia, the President, CFO, and Treasurer of MoneyLion Inc., filed a Form 4 detailing changes in beneficial ownership.
- On May 13, 2024, Correia sold 1,779 shares of Class A Common Stock at a weighted average price of $79.9074, 2,200 shares at $80.8257, 1,447 shares at $81.9911, and 737 shares at $82.9301.
- Additionally on May 13, 2024, Correia exercised options to acquire 615 shares at $6.60 and then sold those 615 shares at a weighted average price of $83.2599.
- On May 14, 2024, Correia exercised options to acquire 7,558 shares at $6.60, 16,585 shares at $12, and 3,610 shares at $12.
- Correia then sold 6,171 shares at a weighted average price of $80.5701, 1,387 shares at $81.292, 2,489 shares at $80.11, and 542 shares at $80.11.
- On May 15, 2024, 12,482 shares were withheld to cover tax liabilities related to the vesting of RSUs and PSUs.
- After these transactions, Correia directly owns 261,000 shares of Class A Common Stock.
Sentiment
Score: 5
Explanation: This is a neutral disclosure of stock transactions by a company executive. It doesn't inherently indicate positive or negative sentiment about the company's prospects.
Industry Context
Form 4 filings are a routine part of the financial markets, providing transparency into the transactions of company insiders. Investors often monitor these filings to gain insights into management's perspective on the company's stock.
Comparison to Industry Standards
- It's common for executives at publicly traded companies like MoneyLion to have stock option plans as part of their compensation.
- The vesting schedules described (25% after one year, then monthly) are standard for stock option grants.
- Executives at similar fintech companies such as Upstart, LendingClub, and SoFi also regularly report stock transactions via Form 4 filings.
- The reported sales prices are within the typical trading range for MoneyLion's stock (ML) during the specified period.
Stakeholder Impact
- The transactions may have a minor impact on shareholders due to the change in ownership, but the overall effect is likely minimal given the volume of shares traded daily.
- Employees holding company stock or options may be interested in the executive's transactions.
Key Dates
| Date | Description |
|---|---|
| 11/15/2017 | Initial vesting date for a portion of stock options. |
| 11/01/2018 | Initial vesting date for a portion of stock options. |
| 09/21/2019 | Initial vesting date for a portion of stock options. |
| 05/13/2024 | Date of multiple transactions including stock sales and option exercises. |
| 05/14/2024 | Date of multiple transactions including stock sales and option exercises. |
| 05/15/2024 | Date of share withholding for tax liabilities. |
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