At least three Snap executives have sold shares following the company’s post-IPO lockup expiration that has kept employees from selling until now, according to documents filed with the SEC on Wednesday evening.
Chief Strategy Officer Imran Khan, CFO Drew Vollero, and Senior VP of Engineering Tim Sehn sold stock totaling $9.3 million based on an average weighted stock price of $12.50 per share on Monday.
Sehn, who leads the app maker’s engineering teams, sold the most Class A shares of the group to the tune of $5 million, while Vollero sold shares worth $2.4 million and Khan sold $1.8 million.
All sales were part of each executive’s 10b5-1 trading plan, which allows company insiders to sell a predetermined number of shares at set time intervals to avoid the appearance of insider trading.
Two Snap executives who won’t be selling shares anytime soon are cofounders Evan Spiegel and Bobby Murphy. The two committed to not selling for the rest of the year on Snap’s last earning call, which means that their roughly 420 million combined shares won’t be hitting the public market for awhile.