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NEW YORK - The chief executive of China Direct Inc., a U.S.-based company that advises Chinese companies seeking access to U.S. capital markets, exercised options for 41,940 shares of common stock, according to a Securities and Exchange Commission filing Friday.
| CDS | 5.07 |  0.7 |
In a Form 4 filed with the SEC, Yuejian Wang reported he exercised options for the shares on Wednesday and Thursday for $2.50 apiece and then sold them all the same days for $10.03 to $10.10 apiece.
The stock sale was conducted under a prearranged 10b5-1 trading plan which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material non-public information.
Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.
China Direct is based in Deerfield Beach, Fla.
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