Harold Rogers, Coupang's acting representative, is set to sell Coupang Inc. shares, the parent company of Coupang, worth about 4.41 billion won. Because Rogers has previously disposed of some stock received as performance compensation to pay taxes, analysts say this sale is likely of the same nature.
On the 11th, according to the U.S. Securities and Exchange Commission (SEC), Rogers filed a Form 144 indicating he plans to sell 192,110 shares of Coupang Inc. Class A common stock. The valuation listed in the filing is $3,107,973, or about 4.41 billion won.
Form 144 is a notice of proposed sale that insiders such as company executives submit to the SEC before selling a certain volume of restricted stock.
Rogers recently reported to the SEC that he holds 930,041 shares, and the planned sale amounts to about 20.6% of his total holdings. The shares to be disposed of are restricted stock units (RSUs) he received as performance compensation last year and this year.
Rogers has been granted Coupang Inc. Class A common stock RSUs as performance compensation, and each year he has sold a portion of his holdings to pay taxes incurred in the process.
In Coupang Inc.'s first-quarter consolidation results report this year, Rogers also said he adopted a prearranged trading plan under U.S. Securities Exchange Act Rule 10b5-1 and planned to dispose of up to 352,602 shares of Coupang Inc. Class A common stock for tax payment purposes.
After meeting performance-linked conditions set in the 2022–2025 compensation plan, Rogers received 269,588 performance stock units (PSUs) in Feb. this year. Then in Apr., he was granted 213,884 RSUs.
Those RSUs are to be paid in four quarterly installments starting on July 1 this year, with a condition that he remain employed by the company through each payment date.
Jonathan Lee, Coupang Inc.'s chief financial officer (CFO), also filed a notice of proposed sale the same day for 5,519 shares of Class A common stock. The valuation in the filing is $88,867, or about 1.3 billion won.
Meanwhile, on the New York Stock Exchange, Coupang Inc. shares closed at $16.19 on the 10th (local time), down 0.25% from the previous trading day. That is less than half of the recent 52-week high of $34.08 and about 8.5% above the 52-week low of $14.92.