Form 4: Symbotic Inc. Director Todd Krasnow Executes Stock Sale and Unit Redemption Under 10b5-1 Plan
SEC Form 4
Director Todd Krasnow sold 2,000 shares of Class A Common Stock and redeemed 2,000 Symbotic Holdings Units under a pre-arranged trading plan.
Summary
- On May 28, 2024, Todd Krasnow, a director of Symbotic Inc., executed a sale of 2,000 shares of Class A Common Stock at a price of $40.9187 per share.
- The sale was conducted under a pre-arranged trading plan established on February 26, 2024, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.
- Simultaneously, Krasnow redeemed 2,000 Symbotic Holdings Units for an equal number of Class A Common Stock shares.
- The redemption resulted in the cancellation of the Symbotic Holdings Units and the retirement of 2,000 shares of Class V-1 Common Stock.
- Following these transactions, Krasnow directly owns 10,447 shares of Class A Common Stock and continues to hold indirect ownership through Inlet View, Inc., a trust, and his spouse.
Sentiment
Score: 6
Explanation: The sentiment is neutral as the filing reflects routine transactions under a pre-arranged trading plan. There is no indication of positive or negative sentiment towards the company's prospects.
Positives
- The transactions were executed under a pre-arranged 10b5-1 trading plan, indicating that the sales were planned well in advance and not based on any recent inside information.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. The use of a 10b5-1 trading plan is a common practice to avoid accusations of insider trading.
Stakeholder Impact
- The stock sale and unit redemption may have a minor impact on shareholders due to the small volume of shares involved.
Key Dates
| Date | Description |
|---|---|
| 2021-12-12 | Date of the Agreement and Plan of Merger by and among the Issuer, Saturn Acquisition (DE) Corp., Warehouse Technologies LLC and Symbotic Holdings LLC. |
| 2022-06-01 | Issuer's final prospectus filed with the Securities and Exchange Commission. |
| 2022-06-07 | Date of Symbotic Holdings' Second Amended and Restated Limited Liability Company Agreement. |
| 2022-08-02 | Date Symbotic Holdings Units were issued to the Reporting Person as Earnout Interests following the occurrence of Triggering Event III. |
| 2024-02-26 | Date the Reporting Person entered into a trading plan in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. |
| 2024-05-28 | Date of the stock sale and Symbotic Holdings Units redemption. |
| 2024-05-30 | Date of signature of the Form 4 filing. |
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