Coast Distribution System Inc. Chairman and CEO Tom McGuire plans to exercise options to buy up to 70,000 shares of Coast stock and sell those shares through a brokerage firm over the next seven calendar quarters.
McGuire, the owner of more than 645,000 Coast shares, which makes him the largest Coast shareholder with almost a 17% stake in the firm, told the Securities & Exchange Commission (SEC) he did not plan to sell any of the 645,000 shares.
“I have decided to implement this plan at this time primarily to fund my exercise of Coast options and to diversify my investment portfolio,” McGuire said. “I remain confident about Coast’s future prospects and I have no plans to sell any of my existing Coast Distribution shares.”
The market price for Coast, an American Stock Exchange-listed company, has risen recently from $5.50 to $6 a share.
Coast stock traded slightly below $2 a share as recently as early May. The 52-week high for the stock is $6.85 a share and its 52-week low is $1.50 a share.