2024-03-06 13:33:40 ET
The CEO of Napco Security Technologies (NASDAQ: NSSC) is selling part of his stake in the company, and investors are disappointed. Shares of Napco were down 8% as of noon ET Wednesday, and had been down by as much as 12% earlier in the session.
Napco is a maker of electronic security devices, including automated locks and building access control systems. The stock has been on a run-up of late, but that came to a halt after the company on Tuesday disclosed plans for a 2.3 million share secondary offering priced at $40.75 per share.
The shares are being sold by CEO Richard L. Soloway. The executive is not liquidating his entire holding. As of Nov. 8, when Napco released its annual proxy statement, Soloway owned 3.798 million shares of the company, or 10.3% of the total.
For further details see:
Why Napco Security Stock Is Falling Today