NRI Sanjay Mehrotra, CEO of Micron Technologies, plans to
sell up to $20 million in chip maker shares

Los Angeles, Oct 14, 2024
NRIpress.club/Ramesh/ A.Gary Singh
NRI Sanjay Mehrotra, CEO of Micron Technologies, plans to sell up to $20 million in chipmaker shares, sending shares of Micron Technologies down slightly in pre-market trade on Monday. The planned sale will be conducted by the Mehrotra Family Trust, where Mehrotra serves as trustee. The Trust has adopted a Rule 10b5-1 business plan to sell up to 200,000 shares beginning November 7, 2024. The scheme will remain active on sale of shares or later till November 7, 2026.
Rule 10b5-1 trading plans are designed to eliminate potential conflicts of interest by ensuring that company insiders, such as executives and directors, can buy or sell shares without the benefit of nonpublic information. Trades are automatically executed when preset conditions related to price, volume, and time are met.
As of Monday morning, Micron's stock was trading down 0.1% at $102.00, with S&P 500 futures down 0.4%. Mehrotra's shares in the plan were acquired through the vesting of certain equity awards. According to Micron's SEC filing from August, Mehrotra personally owns 727,945 shares, including 18,404 shares in a grantor-retained annuity trust (GRAT). He also holds an additional 338,694 shares through GRATs.
The 200,000 shares outlined in the plan are worth about $20.45 million based on Micron's closing price of $102.25 on Friday. The company has yet to comment on the matter hours after the SEC disclosure on Friday.
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