SEATTLE--(BUSINESS WIRE)--Coupang, Inc. (“Coupang”) announced today that Bom Kim, Coupang’s founder and Chief Executive Officer, had adopted a pre-arranged stock trading plan (the “Plan”) several months previously in accordance with SEC guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and the policies of Coupang regarding stock transactions, to sell up to 15,000,000 shares of Coupang Class A Common Stock, subject to certain terms and conditions, beginning no earlier than November 11, 2024.
Rule 10b5-1 allows corporate officers and directors to adopt pre-arranged stock trading plans that meet certain requirements when they do not have material, non-public information, to provide for the selling of up to a predetermined, fixed number of company shares under certain specified conditions. Because the sales under the Plan are subject to certain market pricing parameters and trading limitations, Mr. Kim will not have discretion over the exact number of shares that will be sold under the Plan.
Mr. Kim’s Plan will terminate the earlier of the sale of all 15,000,000 shares pursuant to the Plan or August 29, 2025. Mr. Kim entered into the Plan to satisfy significant financial requirements, including tax obligations.
Mr. Kim will also donate up to 2,000,000 shares of Coupang Class A common stock to a fund for future charitable donations.
Prior to the planned transactions noted above, Mr. Kim had not sold any shares of Coupang common stock since the closing of Coupang’s initial public offering on March 15, 2021.
These planned transactions represent less than 10% of Mr. Kim’s current ownership of 174,802,990 shares of Class B Common Stock. If Mr. Kim completes all the planned transactions, he will continue to own 157,802,990 shares of Class B common stock.
After the completion of these transactions, Mr. Kim does not intend to engage in any further share transactions through the end of 2025.
About Coupang
Coupang is a technology and Fortune 200 company listed on the New York Stock Exchange (NYSE: CPNG) that provides retail, restaurant delivery, video streaming, and fintech services to customers around the world under brands that include Coupang, Coupang Eats, Coupang Play and Farfetch.
Forward-Looking Statements
This press release contains statements that may be deemed to be "forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Act”), that are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws, including statements relating to our expectations about the amount and timing of sales or donations of Coupang Class A Common Stock by Mr. Kim. Actual results and outcomes could differ materially for a variety of reasons, including, among others, fluctuations in Coupang’s stock price, changes in law or legal requirements, legal or contractual restrictions on sales of stock by Mr. Kim, that the Plan may be modified, suspended or terminated by Mr. Kim at any time, and that the price and volume parameters of the Plan may not result in the sale of all of the shares of Coupang Class A Common Stock subject to the Plan. For additional information on other potential risks and uncertainties that could cause actual results to differ from those expressed or implied by any forward-looking statements, please see our most recent Annual Report on Form 10-K and subsequent filings. All forward-looking statements in this release are based on information available to Coupang and assumptions and beliefs as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.
