Christopher J Spencer, an insider of Liberated Syndication Inc, recently disposed of 2,053,795 shares of the company. The disposals took place at prices ranging from $0.00 to $3.00 per share, on July 31, 2020. Spencer now owns just 775,000 shares of the company. Spencer operates out of Ocean Ridge, FL. Some additional info was provided as follows:
Includes 550,000 shares that were forfeited pursuant to the forfeiture clauses of the Stock Agreement, dated as of December 15, 2017, between the Liberated Syndication Inc. (the "Company") and Mr. Spencer, and 150,000 shares that were forfeited pursuant to the Settlement Agreement, made and entered into on October 4, 2019, among the Company and Camac Fund, LP and its affiliates.
Mr. Spencer sold the shares pursuant to the terms of the Separation and Transition Services Agreement and General Release, made and entered into on July 31, 2020, by and between the Company and Mr. Spencer (the "Separation Agreement").
Includes 550,000 shares that are subject to a put option pursuant to the Separation Agreement. Such put option grants Mr. Spencer the right, for a period of one year beginning on the earlier of (a) December 30, 2020 and (b) any date on which the Company declares a rights offering, to put such shares to the Company at a purchase price of $2.50 per share.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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Other recent filings from the company include the following:
Current report, items 1.01, 7.01, and 9.01
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