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According to a Form 144 filed with the U.S. Securities and Exchange Commission on July 10, The Lawrence Page Trust III filed to sell 16,480 shares each of Alphabet’s Class A and Class C stock
The proposed sales are expected to generate a combined $5.8 million, based on the filing’s reported market values. The Class A shares are valued at approximately $2.91 million, while the Class C shares are valued at roughly $2.93 million. Both blocks are scheduled to be sold through J.P. Morgan Securities LLC on the NASDAQ exchange.
The trust acquired the Class A shares in 2006 through a distribution from a grantor retained annuity trust. The Class C shares were received in 2014 as part of a stock dividend.
The filing was submitted under Rule 144, which allows affiliates of a public company to sell restricted or controlled securities in the open market under specific conditions. The trust is affiliated with Alphabet and is managed by J.P. Morgan Trust Company of Delaware as trustee. The transactions are part of a trading plan adopted on November 30, 2020.
According to the same filing, The Lawrence Page Trust III, along with related Page trusts, reported multiple sales of Alphabet stock in May and June. These include sales of 5,508 shares each of Class A and Class C stock on May 8, followed by equal-volume sales on June 12. In each case, reported proceeds were between $6.3 million and $9.7 million depending on the class and volume.
The current filing confirms that the seller has no knowledge of material non-public information at the time the plan was set in place. The form was signed on behalf of the trust by J.P. Morgan Securities LLC as attorney-in-fact.