(Alliance News) - Bidstack Group PLC on Monday said Chief Executive James Draper and Chief Technical Officer Francesco Petruzzelli both sold shares in the company.
On Friday, Draper sold 1.5 million shares at 20 pence each, totalling GBP300,000. Petruzzelli sold the same amount at the same price.
Following the sale, Draper holds a 16.3% stake in Bidstack's voting rights, and Petruzzelli a 2.4% stake.
On completion of the reverse takeover of Bidstack Ltd by Bidstack Group PLC, both Draper and Petruzzelli entered into lock-in agreements which prevented them from selling any shares for 12 months following completion of the deal. These hard lock-ins expired last month.
"Both Francesco and I have supported Bidstack financially for over four years during the early stage growth phase of the business and, given the progress made to date, for personal reasons we have taken this decision to sell a small proportion of our holdings," said Draper.
"We both still have a significant financial interest in Bidstack and are confident in and excited by the Company's prospects," he continued. "In respect of the balance of our holdings, we both remain subject to the orderly market undertakings contained in our lock-in agreements until September 2020."
Shares in Bidstack closed down 6.3% at 18.50 pence in London on Monday.
By Lucy Heming; lucyheming@alliancenews.com
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