Four months after orchestrating one of most high-flying new stock offerings of the year, insiders at PayPal are poised to get their own piece of the pie.
Executives and early-stage investors of the online payment firm announced Wednesday that they plan to sell 6 million shares of their own stock in the firm. The sale by insiders represents approximately 10 percent of all outstanding company stock.
The offering, valued at about $142 million based on the stock’s last closing price, represents the first attempt by insiders to cash in since the company’s February IPO. Insiders were restricted from selling shares during a lockup period following the initial offering.
Although PayPal (PYPL) referred to the sale in a press release as a secondary offering, the company stated in a securities filing that it would not pocket any of the proceeds directly. The company also warned that “future sales or the possibility of future sales of our common stock may cause our stock price to decline.”
PayPal executives unloading shares include Peter Thiel, president and CEO, Roelof Botha, chief financial officer, and David Sacks, chief operating officer. Several outside investors, including Goldman Sachs, are also participating in the sale.
The planned sale comes as PayPal stock continues to trade well above its February offering price of $13.
The stock dipped 7 percent Wednesday to close at $23.65 on heavy volume.
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