Logiq, Inc., a global provider of award-winning e-commerce and fintech solutions, provided updates on recent executive stock transactions.
Logiq reported that its CEO, Tom Furukawa, sold 13,488 shares to satisfy the payment of withholding tax liability incurred upon the vesting of restricted stock units. It was the first instance of a recently instituted program by third-party employee benefit administrator that allowed the option of partial sale of shares granted to address employee tax withholding obligations. Going forward this will no longer be an option for the company’s corporate officers. The transaction was reported on Form 4 filed with the SEC yesterday.
As previously reported on a Form 4 filed with the U.S. Securities and Exchange Commission (SEC), in August the company’s president, Brent Suen, purchased 24,000 shares of Logiq common stock from the open market at an average price of $3.21 per share.
“Yesterday’s Form 4 filing for Tom’s sale could potentially be mischaracterized as lack of confidence in the company and this is clearly not the case,” stated Suen. “For larger companies such a tax sale is typically not an issue due to their greater stock volume. In light of our current price and volume, we are putting this tax offset mechanism on hold indefinitely.”