By ET Bureau - May 31, 2021 2 Mins Read
Atlassian Corporation Plc (NASDAQ: TEAM), a leading provider of team collaboration and productivity software, today announced that Scott Farquhar and Mike Cannon-Brookes, co-CEOs, co-founders and directors of Atlassian, each adopted a new stock trading plan in February 2021 in accordance with guidelines specified under Rule 10b5-1 of the Securities and Exchange Act of 1934, as amended, and the policies of Atlassian regarding stock transactions.
These pre-arranged trading plans were adopted in order to allow Mr. Farquhar and Mr. Cannon-Brookes to sell a portion of their Atlassian stock over time as part of their long-term strategies for individual asset diversification and liquidity.
Using these new trading plans, Mr. Farquhar and Mr. Cannon-Brookes will spread their stock trades out over a period of a year from the time their current trading plans expire in June 2021 to reduce market impact on any given day. All sales of shares under Mr. Farquhar’s and Mr. Cannon-Brookes’ trading plans are subject to volume limitations, pursuant to Rule 144, which limits the amount of shares that can be sold in any three-month period.
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In the aggregate, Mr. Farquhar and Mr. Cannon-Brookes currently hold approximately 113.91 million Class B ordinary shares and 394,936 Class A ordinary shares, which represent approximately 45.37% of Atlassian’s outstanding Class B and Class A ordinary shares, taken together, and approximately 88.79% of the voting power.
Under the terms of the new trading plans, Mr. Farquhar and Mr. Cannon-Brookes each intends to sell up to approximately 2.25 million Class B ordinary shares (with such shares converting into Class A ordinary shares prior to sale).
If Mr. Farquhar and Mr. Cannon-Brookes complete all the planned sales under their current and new trading plans, they would continue to collectively own approximately 109.73 million Class B ordinary shares, which would represent approximately 43.56% of Atlassian’s outstanding Class B and Class A ordinary shares, taken together, and approximately 88.08% of the voting power (assuming no other issuances, repurchases, sales or conversions of Atlassian’s capital stock occur). Each Class B ordinary share is entitled to ten votes and each Class A ordinary share is entitled to one vote.
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