Navitas Semiconductor (NVTS) President and CEO Eugene Sheridan sold a significant portion of his holdings in the company, the company said in a regulatory filing. On May 23, Sheridan sold 2,155,783 shares of Class A Common Stock at a weighted-average price of $4.49 per share. This transaction amounted to a total value of approximately $9.68M, according to the filing. Following the sale, Sheridan holds no direct shares in the company, but he maintains indirect ownership through various trusts, with the Eugene and Melissa Sheridan Trust holding 1,226,044 shares, the Lolas Trust owning 800,000 shares, and the GaNFast Trust owning 761,332 shares. Shares of Navitas Semiconductor are up over 10% in pre-market trading.
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