Abacus founders cancel share-sale plans, keep ownership stakes

Abacus Global Management, Inc. (NYSE: ABX) announced that three company founders have terminated their previously established Rule 10b5-1 trading plans, electing to retain their current ownership positions.

Founders Sean McNealy, Matthew Ganovsky, and Scott Kirby each independently decided to cancel the plans, which had been set up to allow for personal liquidity and portfolio diversification. According to a company statement, each founder determined that maintaining his ownership stake and alignment with shareholders outweighed the diversification goals that originally prompted the plans.

The company noted that none of the three founders had sold a significant number of shares in the open market since Abacus became publicly traded. The statement also indicated that even if the plans had been completed in full, each founder would have remained among the company's largest individual shareholders.

The founders are described as transitioning away from day-to-day operational responsibilities as part of a previously planned leadership evolution, while continuing to hold substantial equity stakes in the company.

Abacus Global Management is a financial services company focused on alternative asset management, longevity-based assets, and personalized financial planning.

You May Also Be Interested In

• EQT nears €9.6 billion deal to acquire Qiagen - Bloomberg
• Teck Receives Highland Valley Copper Operations Strike Notice
• Inovio Pharma (INO) November 0.5 calls active, share price down 18.7%