Slack Executives and Early Investors Sold Half-a-Billion in Stock When It Went Public -- Barrons.com

懒散的高管和早期投资者在上市时卖出5亿股-Barrons.com

2019/06/29 19:29  道琼斯

DJ Slack Executives and Early Investors Sold Half-a-Billion in Stock When It Went Public -- Barrons.com


By Ed Lin

Slack Technologies stock recently went public in a direct listing on the New York Stock Exchange, and that also meant company insiders and early Slack investors could sell their shares immediately. Conventional initial public offerings restrict such sales until a lockup period expires.

Company executives and venture capital firms have sold $592 million of class A Slack stock (ticker: WORK) since the listing, nearly all on the first two days, June 20 and 21. They sold 15.3 million shares at an average price of $38.76 each, which was far above the $26 reference price established for the collaboration-software firm by the NYSE before trading opened. Shares have come down since then. The average price at which early insiders sold was 3.3% higher than Friday's closing price of $37.50.

VC firms also distributed millions of shares of Slack stock to their limited partners, in addition to selling shares on the open market.

VC firm Accel sold the most Slack stock, 8.5 million shares for $329.5 million. Accel didn't respond to a request for comment on the sale. Accel continues to own 11.5 million class A Slack shares and 89.9 million class B shares, according to a form the firm filed with the Securities and Exchange Commission. Class B shares, which don't publicly trade, each carry 10 votes and are convertible at any time into the class A shares, which trade on the NYSE and each carry one vote.

Read our recent feature: Slack Goes Public as It Tries to Kill Email

Andreessen Horowitz sold 3 million Slack shares for $116 million. The firm, which declined to comment on the transaction, now owns 19.3 million class A shares and 34 million class B shares.

Social Capital sold 1 million shares for $39.7 million. It didn't respond to a request for comment. Social Capital now owns 11.7 class A Slack shares and 38.1 million class B shares.

Slack co-founder and CEO Stewart Butterfield led executives by selling 1.4 million shares for $53.2 million; 498,409 shares were sold to cover tax-withholding obligations associated with the vesting of restricted stock units. He now owns 32,717 class A shares, 41.1 million class B shares, and 2.1 million restricted stock units, which each represent the right to receive one class B share.

Slack Chief Financial Officer Allen Shim sold 502,925 shares for $19.4 million; 402,925 shares were sold to cover tax-withholding obligations. Shim now owns 240,000 class B shares and 206,250 restricted stock units. Shim also owns an additional 1.6 million class B shares through trusts.

Four other Slack executives have sold a total of 887,064 shares for $34.1 million.

Slack declined to make Butterfield and Shim available for comment, saying the company was in a quiet period.

Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.



(END) Dow Jones Newswires

June 29, 2019 07:29 ET (11:29 GMT)

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DJ斯拉克的高管和早期投资者在上市时卖出5亿股-Barrons.com


按边线

SlateTechnologies的股票最近在纽约证券交易所(NewYorkStockExchange)直接上市,这也意味着公司内部人士和早期Slay投资者可以立即出售他们的股票。传统的首次公开发行(Ipo)限制这种出售,直到锁定期到期。

自上市以来,公司高管和风险投资公司已经出售了5.92亿美元的A级宽松股票(股票代码:Work),几乎都是在头两天,即6月20日和21日。他们以每股38.76美元的平均价格出售了1530万股票,远远高于纽约证券交易所(NYSE)为这家协作软件公司设定的26美元参考价。从那以后股价就下跌了。早期内部人士出售股票的平均价格比上周五的收盘价37.50美元高出3.3%。

风投公司除了在公开市场上出售股票外,还向其有限责任合伙人分发了数百万股斯拉克股票。

风投公司Accel以3.295亿美元的价格出售了最宽松的股票,850万股。阿克塞尔没有回应记者就出售一事发表评论的请求。根据Accel向美国证券交易委员会(SEC)提交的一份表格,该公司继续持有1150万股A股和8990万股B股。B类股票不公开交易,每种股票有10票,可以随时转换为A类股票,在纽约证券交易所交易,每种股票有一票。

阅读我们最近的特写:SLACK在试图杀死电子邮件时会公之于众

安德森·霍洛维茨(AndreessenHorowitz)以1.16亿美元的价格出售了300万股斯拉克股票。该公司拒绝就这笔交易置评,目前持有1930万股A股和3400万股B股。

社会资本公司(SocialCapital)以3,970万美元的价格出售了100万股票。该公司没有回应记者的置评请求。目前,社会资本持有117万股A股和3810万股B股。

斯莱克联合创始人兼首席执行官斯图尔特·巴特菲尔德(Stewart Butterfield)以5320万美元的价格出售了140万股票,领导了高管;出售了498409股票,以支付与限制性股票单位归属相关的预扣税款。他现在拥有三万二千七百一十七股A类股票、四千一百一十万股B类股票和二百一十万个限制性股票单位,每一股代表获得一股B类股票的权利。

懒散的首席财务官艾伦·希姆(AllenShim)以1,940万美元的价格出售了502,925股票;出售了402,925股票,以支付预扣税款的债务。沈从文目前拥有24万股B股和206250股限制性股票。沈氏亦透过信托基金持有额外160万股B股。

斯拉克的其他四位高管总共以3410万美元的价格出售了887,064股票。

SLACK拒绝让巴特菲尔德和希姆发表评论,称该公司正处于静默期。

通过edward.lin@barrons.com写信给Ed Lin,并关注@BarronsEdlin。



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June 29, 2019 07:29 ET (11:29 GMT)

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