Food products manufacturer Planet Green Holdings Corp. (NYSE:PLAG) recently revealed in a filing with the Securities and Exchange Commission (SEC) that a top shareholder of the company has bought a substantial chunk of its shares. Shares of the company were up by more than 21% to close at $0.90 in the extended trade as investors were apparently ecstatic about the development.
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Details of the Buyout
CEO and Director of the company, Zhou Bin, is the top shareholder who carried out the buyout. Bin purchased shares worth $7.2 million. This purchase took his total buyout of the stock in the past year to $10.6 million.
Notably, a top shareholder is one who owns more than 10% of the company.
Final Thoughts
Shares of Planet Green are down by about 13.6% so far this year. However, this has not deterred Zin from purchasing the company’s stock in the past year. This reflects Zin’s confidence in the company’s prospects, and investors can take it into consideration as an investment choice.
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