CEO Andrew Marsh acquired about 573,000 shares from exercising options, then sold them the same day in the open market
Plug Power Inc. disclosed stock trades made by Chief Executive Andrew Marsh earlier this week, in which he netted more than $36 million.
Marsh purchased a total of 573,268 shares of Plug stock on Jan. 19 at a weighted average price of $2.8764, according to a MarketWatch analysis of data provided in a Form 4 filing () with the Securities and Exchange Commission late Thursday.
The maker of hydrogen and fuel cell systems (PLUG) said the purchase was part of the "exercise or conversion of derivative security exempted pursuant to Rule 16b-3," which relates to trades by company insiders taking part in an employee benefit plan.
On the same day, Marsh sold 573,268 shares of Plug stock in the open market, at a weighted average price of $65.8171. The company said the shares were sold as part of a "pre-established" trading plan. (See below for the trade details.)
The cost of the stock purchases was about $1.65 million and the proceeds from the stock sales totaled about $37.73 million, netting Marsh about $36.08 million.
After the trades, Marsh owned 748,680 shares of Plug Power, representing about 0.2% of the shares outstanding.
Plug Power's stock charged 5.0% higher to close Friday at $66.87, reversing an early intraday loss of as much as 1.6%. It has rocketed more than fourfold (up 344.9%) over the past three months, while the S&P 500 index has advanced 10.9%.
Plug Power said Friday that it will provide a business update on Jan. 26 in a call scheduled for 8:30 a.m. Eastern. Marsh will discuss preliminary results for 2020 and outline the company's plans for 2021.
Details of Marsh's trades on Jan. 19:
For reference, Plug Power shares closed at $66.47 on Jan. 19.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
January 23, 2021 10:21 ET (15:21 GMT)
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