Karmazin Passes Midpoint Of Planned Sale
By Crunching Numbers:Earlier this week SiriusXM Radio (SIRI) CEO Mel Karmazin passed the midpoint of his previously announced 10b5-1 planned sale when he exercised another 7.6 million options and simultaneously sold the shares. In February Karmazin disclosed that he would be exercising 60 million of his options and selling the shares to fund his philanthropic endeavors. The two sales on the 16th and 18th bring the total sales to nearly 32 million shares.For each of the past three months, Karmazin has sold the shares on two separate days during the middle of the month, and each sale has been at progressively lower prices. In April, the price was approximately $2.20 for 11.5 million shares, in May the price was approximately $1.98 for nearly 12.7 million shares and this week the 7.6 million shares were sold for approximately $1.84. Was it a coincidence that the shares rallied 4% to $1.91 the dayComplete Story »
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