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Screenshot of a breaking news alert e-mail from Q2 2017
Regulatory filings made with US securities authorities indicate that two co-founders and original senior members of FXCM’s management team – Drew Niv (pictured above) and David Sakhai – have continued selling their remaining shares of Global Brokerage Inc (NASDAQ:GLBR), after recently converting their special “units” into regular Class A common shares of Global Brokerage.
FXCM’s founders, and several other members of senior management at the time, were issued non-publicly traded units of FXCM Inc (which later became Global Brokerage Inc) ahead of FXCM’s IPO in late 2010. The units allowed Mr. Niv to effect control of FXCM after the IPO. The units were convertible on a one-to-one basis into “regular” publicly traded FXCM (later GLBR) shares.
According to the latest filings, Mr. Niv sold 18,750 GLBR shares on November 30 at an average price of $0.555. Mr. Sakhai sold 103,980 GLBR shares on November 30 at $0.499, and a further 148,848 shares on December 1 at $0.503.
Mr. Sakhai has now sold most of his holdings of GLBR, remaining with just another 130,965 shares. Mr. Niv holds 848,739 shares following the latest transaction.
GLBR shares have continued to trend downward, and now sit at $0.40.
While Drew Niv is no longer involved in the business after being fined and banned by US regulatory authorities earlier this year, David Sakhai recently resigned from the GLBR board concurrent with Global Brokerage Inc’s Chapter 11 filing and restructuring.