Insider Trades

Thomas M Siebel Targets $10.1 Million Sale After Selling $18.2 Million Of C3.ai Stock

The CEO and chairman's proposal covers 844,777 Class A shares, separate from six completed sales reported over the past three months.

Thomas M Siebel, CEO and board chairman of C3.ai, which makes AI software for business applications and workflows, plans to sell $10.1 million of stock, according to his SEC planned-sale notice filed Tuesday. The proposal follows six completed sales that generated $18.2 million in gross proceeds over the notice's past-three-month window.

844,777 Shares From Option Exercises

Siebel's proposed transaction covers 844,777 Class A shares, with J.P. Morgan Securities handling the sale. The approximate sale date is Tuesday, and the shares are to come from stock options exercised that date and paid for in cash.

The $10.1 million is the proposed sale's stated value, rather than proceeds from a completed transaction. The earlier sales covered 1,372,595 shares in total.

Large Blocks In August And October

Siebel sold 453,314 shares on August 11, generating $4.8 million in gross proceeds. Another large block on October 13 covered 435,363 shares and brought in $5.1 million.

September's transactions included 282,001 shares sold on September 15 for $3.1 million and 162,247 shares on September 16 for $1.7 million. The other reported sales were 16,890 shares on September 2 for $3.2 million and 22,780 shares on September 14 for $0.2 million.

Subscription Software, A Declining Stock

C3.ai shares were down 11% this year as of Monday's close. That decline provides the stock's backdrop to Siebel's proposal, rather than a reaction to Tuesday's notice.

C3.ai earns the substantial majority of its revenue from software subscriptions, with additional revenue from implementation, consulting, engineering and training. Its software helps organizations develop applications, analyze company data and automate work, serving large businesses and government agencies.

The proposed 844,777-share sale remains separate from the $18.2 million Siebel already received in gross proceeds from the six reported transactions.