Form 4: Verano Holdings Corp. Executive Sells Shares to Cover Tax Obligations and Under 10b5-1 Plan
SEC Form 4
David Spreckman, Chief Marketing Officer of Verano Holdings Corp., sold shares to cover tax obligations and under a pre-arranged 10b5-1 trading plan.
Summary
- David Spreckman, the Chief Marketing Officer of Verano Holdings Corp., sold Class A Subordinate Voting Shares on June 14, 2024, and June 18, 2024.
- On June 14, 2024, 20,900 shares were sold at a weighted average price of $3.6066 per share, with prices ranging from $3.16 to $3.90.
- This sale was to cover tax withholding obligations related to the settlement of previously granted Restricted Stock Units.
- On June 18, 2024, 7,434 shares were sold at a weighted average price of $3.4129 per share, with prices ranging from $3.4001 to $3.4501.
- This sale was executed under a Rule 10b5-1 trading plan adopted on August 25, 2023.
- Following these transactions, Spreckman directly owns 108,890 Class A Subordinate Voting Shares.
Sentiment
Score: 6
Explanation: The sentiment is neutral as the transactions are routine and related to tax obligations and a pre-arranged trading plan. There is no indication of positive or negative implications for the company's performance.
Industry Context
Executive share sales are a common occurrence and can be for various reasons, including diversification, tax obligations, or pre-planned trading strategies. The use of a 10b5-1 plan suggests the sales were pre-arranged and not based on current market information.
Key Dates
| Date | Description |
|---|---|
| 06/23/2022 | Initial issuance of Restricted Stock Units. |
| 06/01/2023 | Initial issuance of Restricted Stock Units. |
| 08/25/2023 | Adoption date of Rule 10b5-1 trading plan. |
| 09/01/2023 | Initial issuance of Restricted Stock Units. |
| 06/14/2024 | Sale of 20,900 shares to cover tax obligations. |
| 06/18/2024 | Sale of 7,434 shares under Rule 10b5-1 trading plan. |
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