Facebook Cancels Secondary Offering, Zuck And Board Members Won?t Sell To Keep Shares Off The Market

With its share price ailing, Facebook doesn't want to flood the market with any more stock, so it has cancelled its secondary offering and will instead pay for taxes on its RSUs with cash as detailed in an 8-K filed with the SEC today. Also, CEO Mark Zuckerberg has informed the SEC he has no plans to sell any of his stock in the next year. Meanwhile, board members Marc Andreessen and Don Graham will sell some to cover taxes but beyond that "have no present intention to sell any shares". Along with allowing employees to sell up to 234 million shares two weeks sooner than the original November 14th lockup expiration date when the other 777 million go free, today's announcement will let Facebook get the lockup over with sooner, avoid a secondary sale or big shareholder dump from hurting its share price, and finally get back to business.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/W-h2In43Ttg/

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