Zip co-founders purchase $1.5M of Zip shares
Zip Co Limited (ASX:Z1P) has informed the market that on 4 and 7 March 2022, co-founders Larry Diamond and Peter Gray purchased approximately $1.5 million of Zip shares (873,198 shares). The Non-executive Directors, including chair Diane Smith-Gander, also purchased Zip shares on 4 March 2022.
Under Zip’s Securities Trading Policy between 31 December 2021 and 2 March 2022, Zip’s Personnel (including the Board) were prohibited from trading in Zip’s shares (due to their knowledge of market sensitive information). In addition, due to the structure and timing of the institutional placement announced 28 February 2022, it would have been difficult for the directors to participate without seeking shareholder approval.
The company notes tha, while market factors and external conditions have impacted the fintech and broader technology sector in recent months, the co-founders continue to believe that the market opportunity to deliver transparent, fair, and innovative financial products remains significant. The founders remain committed to the successful execution of Zip’s strategy and in delivering long-term value creation for all shareholders.