Photograph by Michael Hickey / Getty Images
Papa John & # 39; s International
Founder John Schnatter is no longer an executive of the pizza chain, and last week he began selling millions of dollars of the company's stock he owns.
Schnatter filed a form with the Securities and Exchange Commission on May 6 that said it "has sought the advice of financial advisers regarding a possible disposition of all or some of its Common Shares in the Issuer." As of April 30, he owned a% stake in Papa John & # 39; s (ticker: PZZA), a total of 9.97 million shares. That includes 9.35 million shares in a personal account, share options and shares that are owned by his wife and a foundation.
Schnatter revealed in documents filed with the SEC last week that it sold 314,144 shares of Papa John's from May 10 to 15 for a total of $ 16.2 million, or $ 51.43 each on average. The shares sold represent approximately 3.4% of your personal account. Schnatter sold strongly, since the sale price is 29.1% higher than when the Papa John shares closed in 2018. The company saw almost one third of its market value was wiped out last year under a rain of negative headlines.
Schnatter and Papa John & # 39; s did not respond to requests for comments on stock sales.
The remaining total property of Schnatter of 9.65 million shares of Papa John has a value of $ 462 million at the closing price on Friday. These stock sales are the first since 2016.
Write to Ed Lin at firstname.lastname@example.org and follow @BarronsEdLin.