BlackBerry co-founder Mike Lazaridis sells $26 million in shares
TORONTO, Cananda - Mike Lazaridis has cashed in shares of BlackBerry, making US$26 million in the process, as he lessens his stake in the smartphone company he helped create.
Documents filed with U.S. regulators on Tuesday show that a numbered company registered in Ontario â€” and controlled by Lazaridis â€” has sold 3.5 million shares in BlackBerry since Monday.
The first sale was made on Monday when 3.17 million shares were sold at an average price of $7.55 on the open market.
The second transaction came on Christmas Eve Day when the same numbered company sold 333,107 shares at an average price of $7.63.
In total, the transactions reaped $26.5 million.
Both sales were made through 1258701 Ontario Ltd., an investment holding company, according to the documents from the U.S. Securities and Exchange Commission.
In October, the numbered company was part of an effort by BlackBerry co-founders Lazaridis and Doug Fregin to submit a bid for BlackBerry when the Waterloo, Ont.-based firm was hunting for potential buyers.
Plans to sell the company were eventually scrapped when Fairfax Financial (TSX:FFX), one of BlackBerry's largest shareholders, came up with a plan to raise a billion dollars in hopes to resuscitate the struggling company instead.
Major changes were made almost immediately, with the hiring of John Chen as chairman and chief executive officer. Chen previously helped turn around Sybase, a data management company.
Last week, BlackBerry (TSX:BB) reported a quarterly loss of US$4.4-billion as sales of its smartphones continued to decline. Chen delivered the clearest plan for the company's future yet, which stoked investor optimism.
Shares of BlackBerry have been on the upswing, rising 24 per cent since the financial results were released.
On Tuesday, the company's badly beaten stock hit its highest levels since late October, before the plan to sell BlackBerry was sidelined.
BlackBerry shares closed up 27 cents to $8.25 on the Toronto Stock Exchange.
A company spokeswoman said BlackBerry had no comment.
For more BlackBerry coverage, follow David Friend on Twitter.
Read more Business News
- Medical marijuana bylaw moves aheadWest Kelowna - 5:00 am
- Kelowna hosting Indie Film FestivalKelowna - 5:00 am
- Sign meeting draws big crowdPenticton / S. Okanagan
- Rockets drop heartbreaker to RoyalsSports
|QHR Technologies Inc||1.24||+0.05|
|Anavex Life Sciences||0.49||+0.02|
|Copper Mountain Mining||1.98||-0.05|
|Sunrise Resources Ltd||0.035||+0.005|
|Mission Ready Services||0.29||+0.015|
Big Picture Geopolitical risk remains at the fore; Fluid situation in Ukraine suggests need for vigilance The S&P500 remains close to a record level as better than expected February jobs data in ...
How will you pay for this today? Maybe it’s time to change the way you answer this common checkout question.With more payment options than ever, consumers can find easy ways to save money, simpl...
In the razzle dazzle of Hollywood it is hard to find anyone who stands out from the crowd. The fraternity of Actors, Producers, Directors and various other technical guru’s seem to live in a wo...