CARY — The chief executive officer of Bandwidth Inc. made $1.1 million last week by exercising his stock options and selling 31,853 shares on the open market at around $41 on Friday.
David Morken sold 7,400 shares at an average price of $41.51, 5,000 shares at an average price of $41.81 and 19,453 shares at an average price of $40.78, according to the Form 4 filed with the Securities and Exchange Commission.
Morken, who is also a co-founder and chairman of the company, owned 17.1 percent of the company at last year’s annual meeting. That included 337,500 shares of Class A stock and 2.7 million shares of Class B stock.
Since the beginning of the year, Morken has exercised options and sold the stock in the market four times, profiting more than $9 million, according to multiple filings.
Morken founded Bandwidth in 1999 after serving in the Marine Corps as a judge advocate and headquarters company commander.
The Cary-based company is a communications technology services company that provides services and products such as dynamic location routing and voice API. The company went public 2017 and recently beat its third-quarter expectations in October 2018.
Bandwidth’s platform enables enterprises to create, scale and operate voice or text communications services across mobile applications or connected device.
The company’s stock price closed up 2.67 percent to $41.86 on Tuesday.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
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