The founders are converting the portion of their shares necessary to cover planned future sales under the 10b5-1 plans, and these shares remain subject to IPO lock-up agreements as described in the company’s SEC filings, including its recently filed Annual Report on Form 10-K for the year ended December 31, 2021. The conversion of these shares and the subsequent sale transactions under the plan will be disclosed publicly through Form 4 filings with the Securities and Exchange Commission (SEC). The 10b5-1 trading plans were designed to minimize price impact through low volume, daily sales.”Ī blog post with additional details regarding the planned sales by the founders under automatic 10b5-1 trading plans will also be available on the company's website.We continue to have a positive long-term outlook for the company, and these planned sales are intended only to diversify our personal portfolios after approximately 15 years without any other significant opportunity for monetization.The sales associated with these plans represent only a small portion of our holdings and after these sales are completed, we will retain approximately 80% of our shares and remain significant stockholders of the company.“Speaking on behalf of myself and the other co-founders, we want investors to know that: “In the continuing spirit of transparency that is integral to Backblaze, we, the founders of Backblaze, are notifying investors well in advance of our potential stock sales,” said CEO Gleb Budman. This action was taken in association with non-discretionary, automatic stock trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934 that were previously adopted in late February 2022 during the company’s open trading window. (Nasdaq: BLZE), a leading independent storage cloud platform, announced today that the company’s founders have converted a limited portion of their Class B shares of Backblaze stock to Class A shares. SAN MATEO, Calif., Ap(GLOBE NEWSWIRE) - Backblaze, Inc.
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