Voyager Digital (TSX: VOYG) has seen its CEO walk away from a previously announced automatic securities disposition plan. The plan was previously implemented on December 31, 2021.
Under the previous disposition plan, CEO Stephen Ehrlich was looking to sell up to 1.0 million common shares that he current holds in Voyager. The securities were to be sold at a predetermined floor price, the details of which were not provided by the company. At the time, the sale represented roughly a quarter of his share position in the company.
No securities were sold under the arrangement. The plan is currently slated to terminate in 30 days following the date of this mornings announcement.
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In justifying why he has now elected to cancel the plan, he commented that he “felt it was in the best interest of the investors to withdraw the plan.” He then added that he feels the company is undervalued, despite his prior intention to sell securities. The comment is reportedly based on the full quarter financial results of the company for the period ended December 31.
Voyager Digital last traded at $11.50 on the TSX, a 32% drop since the plan was first announced just weeks ago.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
