ARC this is interesting
I haven't seen this before, but the CEO is setting up a 10b5-1 plan not to sell shares, but to buy them. I thought these were only for stock sales. They tie their revenue to the architectural billing index which just set an all time record with their report for May. That would normally incline me to believe that the company has some good news/results on the way. What I don't get is this same guy who is setting up a plan to blindly buy shares was dumping shares 6 months ago.
On June 22, 2021, Kumarakulasingam “Suri” Suriyakumar, Chairman of the Board, President and Chief Executive Officer of ARC Document Solutions, Inc. (the “Company”), adopted a pre-arranged stock purchase plan (the “10b5-1 Plan”) in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Under Rule 10b5-1 of the Exchange Act, directors, officers and other employees who are not in possession of material non-public information may adopt a pre-arranged plan or contract for the purchase or sale of Company securities under specified conditions and at specified times. Mr. Suriyakumar entered into the 10b5-1 Plan during the Company’s open trading window period. Mr. Suriyakumar retains no discretion over purchases under the 10b5-1 Plan, and the prearranged purchases are executed through a broker in accordance with the 10b5-1 Plan.
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