Charles Liang's spouse sold 200,000 Super Micro Computer shares for $7.7 million across September 3 and 4, a disposal that represents 0.3 percent of the family's pre-sale stake and was executed under a pre-arranged Rule 10b5-1 plan.
The plan and the price
The plan was established on May 26, well before the trades, meaning the sales were non-discretionary. The weighted average price was $38.59, below the $39.59 close on September 4 and the $40.26 close four days later.
The stake that remains
After the sale, Liang directly holds 40.4 million shares while his spouse and their joint account hold another 25.8 million, leaving the family with more than 65 million shares. The disposed shares amounted to a sliver of that position.
Volatility and the delisting shadow
Super Micro shares have been volatile, carrying a beta of two, and the stock posted a negative three percent return over the year to September 4. The company nearly faced delisting last year over delayed earnings filings.
What the plan does not settle
The 10b5-1 structure insulates the trades from timing accusations, but the ongoing controversy and the stock's swing factor mean investors will watch whether further planned sales follow.