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SAN FRANCISCO—Steven Vattuone, Chief Financial Officer of ON24 Inc. (NYSE:ONTF), has recently sold a significant number of shares in the company, according to a recent filing with the Securities and Exchange Commission. The transactions, which occurred over two days, involved the sale of a total of 8,211 shares. The sales come as ON24’s stock, currently trading at $6.11, has experienced an 11.6% decline over the past week.
On February 20, Vattuone sold 3,094 shares at a weighted average price of approximately $6.38, amounting to $19,730. The following day, he sold an additional 5,117 shares at an average price of about $6.12, totaling $31,313. These transactions were conducted under a pre-established Rule 10B5-1 trading plan, which allows insiders to set up a predetermined plan to sell stocks. According to InvestingPro analysis, ON24 maintains a strong financial position with more cash than debt on its balance sheet.
After these sales, Vattuone retains ownership of 526,175 shares in ON24. The sales were executed to cover tax withholding obligations related to the vesting of restricted stock units. With the company’s next earnings report due in just three days, InvestingPro subscribers can access additional insights and Fair Value analysis, along with 8 more exclusive ProTips about ON24’s financial health and market position.
In other recent news, ON24 Inc. announced that Irwin Federman, a long-serving member of its board of directors, will not stand for reelection at the 2025 Annual Meeting of Stockholders. Mr. Federman has been with ON24 Inc. since March 2000, and his departure is not due to any disagreements with the company’s management or board. As part of this transition, ON24 Inc. plans to reduce the size of its board from nine directors to eight, effective at the annual meeting. The decision to resize the board was not accompanied by specific reasons in the company’s press release. This development marks a change in the governance dynamics at ON24 Inc., though the company has not commented on any potential impacts on its future operations. These updates are based on a recent filing with the Securities and Exchange Commission by ON24 Inc.
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