Profound Medical Clarifies Recent Insider Buying
TORONTO, May 18, 2022 (GLOBE NEWSWIRE) -- In response to investor inquiries regarding insider trading activity, particularly with respect to recent open market stock purchases made by certain of its insiders, Profound Medical Corp. (NASDAQ:PROF; TSX:PRN) (“Profound” or the “Company”) today provided the following clarifications.
“The Company does not currently file on domestic forms with the U.S. Securities and Exchange Commission, including Form 4: Statement of Changes in Beneficial Ownership, through which many U.S.-based investors monitor insider transactions, and as a result, some of our shareholders have raised questions about recent third-party reports that were presumably based on filings made with Canada’s System for Electronic Disclosure by Insiders, or SEDI,” said Arun Menawat, Profound’s CEO and Chairman. “After our first quarter 2022 blackout period was lifted, Brian Ellacott, our Independent Lead Director, and I purchased additional Company stock on Nasdaq at a combined cost of approximately US$763,000. Those transactions are summarized below.”
Brian Ellacott: Purchased 50,000 shares on May 12, 2022, at a price of US$7.05 per share. Mr. Ellacott now holds 68,000 Profound shares.
Arun Menawat: Purchased 30,516 shares on May 12, 2022, and 30,000 shares on May 13, 2022, at a price per share of US$6.6548 and US$6.9235, respectively. Dr. Menawat now holds 408,796 Profound shares.
This information is being provided solely to assist the Company’s shareholders in the present circumstances, and Profound does not intend to issue further press releases regarding insider transactions.
