Form 4: Precision BioSciences Executive Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Dario Scimeca, General Counsel and Secretary of Precision BioSciences, sold shares of common stock to cover tax withholding obligations related to the vesting and settlement of Restricted Stock Units (RSUs).
Summary
- Dario Scimeca, General Counsel and Secretary of Precision BioSciences, filed a Form 4 detailing changes in beneficial ownership.
- On May 1, 2024, Scimeca acquired 918 shares of common stock through the vesting of Restricted Stock Units (RSUs).
- Also on May 1, 2024, Scimeca disposed of 918 shares to cover tax obligations.
- On May 2, 2024, Scimeca sold 272 shares at an average price of $10.32.
- These sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted on July 14, 2023.
- The shares were sold to cover tax withholding obligations related to the vesting and settlement of RSUs.
- Following these transactions, Scimeca directly owns 5,680 shares of Precision BioSciences common stock and 919 Restricted Stock Units.
Sentiment
Score: 6
Explanation: The sentiment is neutral as the transactions are related to routine RSU vesting and tax obligations. There is no indication of insider sentiment regarding the company's future prospects.
Positives
- The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating they were planned in advance and not based on current market information.
Industry Context
Form 4 filings are routine disclosures required by the SEC to provide transparency into the transactions of company insiders. These filings are closely watched by investors to gauge management's sentiment and potential future performance.
Stakeholder Impact
- The transactions have a minimal impact on stakeholders as they are related to routine RSU vesting and tax obligations.
Key Dates
| Date | Description |
|---|---|
| 2022-03-03 | Reporting Person was granted RSUs, which vest in three substantially equal annual installments beginning on March 3, 2023 |
| 2023-07-14 | Rule 10b5-1 plan adopted |
| 2024-02-13 | Issuer effected a 1-for-30 reverse stock split |
| 2024-05-01 | Acquisition of 918 shares through RSU vesting and disposal of 918 shares to cover tax obligations |
| 2024-05-02 | Sale of 272 shares at an average price of $10.32 |
| 2024-05-03 | Date of Form 4 signature |
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