Best Buy (BBY) Slumps as Founder Schulze Sells 2.1M Shares
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Best Buy (NYSE: BBY) founder Richard Schulze filed a Form 4 with the U.S. SEC disclosing a recent large sale.
According to the filing, Schulze sold 2,090,909 shares on July 23rd, for an average price of $18.3. Gross proceeds on the sale were $38.3 million.
The filing also discloses that "Total sale proceeds in the amount of $38,263,634.70 were paid in the form of a promissory note. The note is payable on demand and bears interest at an annual rate equal to the applicable Federal Short-Term rate promulgated under Section 1274(d) of the Internal Revenue Code of 1986, as amended. Unpaid interest is compounded monthly, with the rate adjusted to reflect the AFR rate on the first calendar day of every month."
NOTE: Schulze previously reported the sale of Best Buy shares to the trust.
Shares of Best Buy are flat on the session.
According to the filing, Schulze sold 2,090,909 shares on July 23rd, for an average price of $18.3. Gross proceeds on the sale were $38.3 million.
The filing also discloses that "Total sale proceeds in the amount of $38,263,634.70 were paid in the form of a promissory note. The note is payable on demand and bears interest at an annual rate equal to the applicable Federal Short-Term rate promulgated under Section 1274(d) of the Internal Revenue Code of 1986, as amended. Unpaid interest is compounded monthly, with the rate adjusted to reflect the AFR rate on the first calendar day of every month."
NOTE: Schulze previously reported the sale of Best Buy shares to the trust.
Shares of Best Buy are flat on the session.
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