Cardiovascular Systems, Inc. (NASDAQ:CSII) Files An 8-K Other EventsItem 8.01 Other Events.
In August 2017, each of Laurence Betterley, Chief Financial Officer of Cardiovascular Systems, Inc. (the “Company”), and Sandra Sedo, Chief Compliance Officer of the Company, adopted a pre-arranged trading plan to sell shares of the Company’s common stock (the “Betterley Trading Plan” and the “Sedo Trading Plan,” respectively, and, collectively, the “Plans”). The Plans were designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and the Company’s policies regarding stock transactions.
Each of the Plans allows for the sale of an indeterminate number of shares of common stock to cover the required withholding taxes and transaction costs associated with the vesting of shares of restricted stock. The Betterley Trading Plan also provides that Mr. Betterley may sell up to 40,000 vested shares of common stock.
Sales to the Betterley Trading Plan are expected to begin as early as October 27, 2017, and will terminate no later than October 2, 2018, unless terminated sooner in accordance with the terms of such plan. Sales to the Sedo Trading Plan are expected to begin as early as August 13, 2018 and will terminate no later than September 13, 2019, unless terminated sooner in accordance with the terms of such plan.
All shares will be sold under the Plans in the open market at prevailing market prices, subject to certain limit price restrictions in the Betterley Trading Plan. Mr. Betterley and Ms. Sedo will have no control over the actual timing of the stock sales under the Plans. All stock sales under the Plans will be disclosed publicly in accordance with applicable securities laws, rules and regulations through appropriate filings with the U.S. Securities and Exchange Commission. The Company does not undertake to report other Rule 10b5-1 plans that may be adopted by any of its officers or directors in the future, to report any modifications or termination of any publicly announced plan, or to report any plan adopted by an employee who is not an executive officer, except in each case to the extent required by law.
About Cardiovascular Systems, Inc. (NASDAQ:CSII)
Cardiovascular Systems, Inc. is a medical technology company. The Company is engaged in treating patients suffering from peripheral and coronary artery diseases, including those with arterial calcium. The Company develops an orbital atherectomy technology for both peripheral and coronary commercial applications. Its peripheral artery disease (PAD) systems are catheter-based platforms capable of treating a range of plaque types in leg arteries both above and below the knee. Its products include Diamondback 360 Peripheral Orbital Atherectomy System (OAS) (Diamondback 360 Peripheral), the Stealth 360 OAS (Stealth 360), Diamondback 360 Peripheral, Diamondback 360 60cm Peripheral, Diamondback 360 Low Profile Peripheral, Diamondback 360 1.50 Peripheral and Diamondback 360 2.00 Peripheral. The Company’s coronary arterial disease (CAD) product, Diamondback 360 Coronary OAS (Coronary OAS), is marketed as a treatment for severely calcified coronary arteries.