SoundHound AI (NASDAQ: SOUN) stock was trading lower in pre-market trading on Monday after its CEO made a bearish move.
Keyvan Mohajer, the CEO of SoundHound AI (SOUN), has executed a transaction involving the sale of a portion of his holdings in the company.
On March 22, 2024, Mohajer divested 31,665 Class A Common Stock shares at a weighted average price of $6.0778 per share, resulting in a total transaction value of around $192,453.
The transaction was part of a Rule 10b5-1 plan, a prearranged trading plan adopted by Mohajer in December of the previous year. These plans enable company insiders to sell their shares over a predetermined period, thus preventing any potential allegations of insider trading.
Transaction details from the filing indicate that share prices varied between $5.86 and $6.39 across several sales. Mohajer’s strategy appears to have been to capitalize on the day’s fluctuating market prices to execute the sale.
Despite the divestment, Mohajer retains a significant ownership stake in SoundHound AI, with 1,137,831 (1.13 million) Class A Common Stock shares remaining in his possession.
SoundHound AI (NASDAQ: SOUN) Stock Price Action
SOUN stock plummeted 8.08% to close at $6.14 on Friday. The traders had exchanged hands with 85,057,485 (85.05 million) shares compared to the average daily trading volume of 56.39 million.
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