California BanCorp (NASDAQ:BCAL) director Lester Machado has sold a total of 10,000 shares of the company's common stock, according to a recent filing with the Securities and Exchange Commission. The transaction, dated August 20, 2024, was executed at a price of $14.3721 per share, resulting in a total transaction value of $143,721.
The sale has reduced Machado's direct holdings in the company to zero, as indicated in the filing. However, it should be noted that Machado still has indirect holdings through a defined benefit plan and a family trust. Specifically, Machado's indirect ownership includes 15,437 shares held directly and 44,570 shares held through the Machado-Pedersen Family Trust.
In addition to the sale, the filing also reported derivative securities in the form of stock options. These options, which are fully vested, represent the right to purchase 7,500 shares of common stock at a conversion price of $12.96 per share. The options have an exercise date of February 20, 2024, and will expire on February 20, 2029.
Investors often monitor insider transactions as they can provide insights into the executives' perspectives on the company's future performance. The sale by Machado may be of particular interest to current and potential shareholders of California BanCorp as they evaluate their investment strategies.
For further details on the transactions, interested parties can access the full SEC Form 4 filing.
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