AeroVironment Announces Establishment of 10b5-1 Trading Plan by Chairman
January 17 2017 - 4:30PM
Business Wire
AeroVironment, Inc. (NASDAQ: AVAV) today announced that its
chairman of the board, Timothy E. Conver, as trustee of The Conver
Family Trust, has established a pre-arranged stock trading plan to
sell a portion of company stock held by the Trust over a specific
period of time. The stock trading plan is part of a long-term
strategy for asset diversification and liquidity and was adopted in
accordance with guidelines specified under Rule 10b5-1 of the
Securities Exchange Act of 1934 and AeroVironment's policies with
respect to employee stock transactions.
Rule 10b5-1 allows corporate officers and directors to
adopt written, pre-arranged stock trading plans when they do not
have material, non-public information. Using these plans, insiders
can diversify their investment portfolios, can spread stock trades
out over an extended period of time to reduce market impact and can
avoid concerns about whether they had material, non-public
information when they sold their stock.
Under the Rule 10b5-1 Plan, the Trust may sell up to
190,000 shares over a period of approximately twelve months. If the
Trust completes all the planned sales under the Rule 10b5-1
Plan, Mr. Conver would beneficially own approximately 2,060,192
shares of AeroVironment common stock (including all
options currently exercisable by Mr. Conver), or approximately
8.7 percent of the company's current outstanding shares. The
transactions under this plan will commence no earlier than March
2017 and will be disclosed publicly through Form 144 and
Form 4 filings with the Securities and Exchange
Commission. The Form 4 filings will also be posted on
AeroVironment's website.
About AeroVironment, Inc.
AeroVironment (NASDAQ: AVAV) provides customers with more
actionable intelligence so they can proceed with certainty. Based
in California, AeroVironment is a global leader in unmanned
aircraft systems, tactical missile systems and electric vehicle
charging and test systems, and serves militaries, government
agencies, businesses and consumers. For more information visit
www.avinc.com.
Safe Harbor Statement
This press release contains “forward-looking statements” as that
term is defined in the Private Securities Litigation Reform Act of
1995. Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate or imply future
results, performance or achievements, and may contain words such as
“believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,”
“plan,” or words or phrases with similar meaning. Forward-looking
statements are based on current expectations, forecasts and
assumptions that involve risks and uncertainties, including,
factors outside of our control, which may cause actual results to
differ materially from the forward-looking statements. For a
further list and description of such risks and uncertainties as
they relate to our business, see the reports we file with the
Securities and Exchange Commission. We do not intend, and undertake
no obligation, to update any forward-looking statements, whether as
a result of new information, future events or otherwise.
For additional media and information, please follow us at:
Facebook: http://www.facebook.com/aerovironmentincTwitter:
http://www.twitter.com/aerovironmentYouTube:
http://www.youtube.com/user/AeroVironmentIncGoogle+:
https://plus.google.com/100557642515390130818/posts
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170117006435/en/
AeroVironment, Inc.Steven Gitlin+1 (626)
357-9983ir@avinc.com
AeroVironment (NASDAQ:AVAV)
Historical Stock Chart
From Aug 2024 to Sep 2024
AeroVironment (NASDAQ:AVAV)
Historical Stock Chart
From Sep 2023 to Sep 2024