International Courant
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On Thursday, battery firm Freyr introduced its third-quarter report. The big manufacturing unit in Mo i Rana will likely be shut down as a result of poor preconditions in Norway, in line with the corporate, huge price financial savings will likely be carried out and the primary manufacturing line to display the batteries will likely be postponed.
It is no exaggeration to say the market did not just like the content material: The inventory collapsed on the New York Inventory Alternate, closing down as a lot as 38 p.c to $2.07.
A inventory market announcement on the identical day reveals that former chairman Torstein Dale Sjøtveit made a really well-timed share sale the day earlier than the report. On Wednesday, his firm ATS offered 250,000 shares at a mean worth of $3.36 per share, it stated right here.
This corresponds to NOK 9.4 million. If Sjøtveit had waited till Thursday to promote this merchandise, he would have obtained NOK 3.6 million much less for it.
Sjøtveit, who stepped down as chairman this summer season, tells DN that he was not conscious of the contents of Freyr’s earnings report when he offered the shares.
The article continues under the commercialThe share sale was reported to the American Monetary Supervisory Authority as a result of ATS’s share in Freyr is now under 5 p.c.
The founder stepped down as chairman of the corporate in August, leaving the position to his co-founder Tom Einar Jensen, who beforehand served as managing director. Jensen was then changed by former Microsoft director Birger Steen, who heads the corporate in the present day.
Sjøtveit has been offered a number of instances within the firm, the place the inventory has plummeted over the previous yr. (Situations)Copyright Dagens Næringsliv AS and/or our suppliers. We want you to share our instances through hyperlinks that lead on to our pages. Copying or different use of all or a part of the contents might solely be made with written permission or as permitted by legislation. For additional circumstances see right here.
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Revealed: 09.11.23 — 06:04
Former Freyr CEO offered 9 million shares the day earlier than the catastrophe report
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