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Insiders Have Purchased over 5.6 Million Shares in the last Six Months
SPRINGFIELD, Ohio, Sept. 27, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- The Chairman of HUTN, Inc. (OTC: HUTN) exercised stock options to purchase 1,390,000 ordinary shares of HUTN. The exercised stock options had strike prices that range from $0.60 to $0.15. The stock options were exercised at a strike price above the market price at the time of exercise.
Stanley Hutton Rumbough, HUTN’s Chairman and grandson of Edward F. Hutton, said, "I am adding more HUTN stock to my portfolio because I believe in the company's future and cannot think of a better way to show it than to risk my own personal capital to buy shares." Mr. Rumbough has added to his already significant ownership stake.
The Chairman’s stock option exercise to purchase 1.39 million ordinary common shares on Sept 21, 2018 means HUTN’s executives, including every director and the CEO, have collectively purchased over 5.6 million shares of stock since March 2018.
Mr. Rumbough's acquisition of the shares through stock option exercise was made directly from HUTN Inc. in a private transaction. The shares were issued under an exemption from registration pursuant to Section 4(a)(2) of the Securities Act of 1933 as amended. The shares are deemed to be restricted securities and subject to resale restrictions of Rule 144. HUTN received $326,000 in a combination of cash and redemption of a note.
About HUTN Inc.
HUTN, Inc. subsidiaries provide branded online and mobile services to consumers ("B2C"). Our operating subsidiaries provide the following services and products: Megga Inc. subsidiary provides a social internet platform that pays users MeggaCoin which can be redeemed for cash - meggalife.com is a new model. The platform includes- social networks, e-mail, internet search, news and more. EF Hutton Inc. provides online investing services and specialty products involving digital assets under the legendary financial services brand, EF Hutton – see efhutton.com. Vyral Media is a subsidiary that publishes digital content to enhance user experience and engagement. Vibrant Mobility is a subsidiary that provides mobile data & communications services.
Cautionary Note Regarding Forward-Looking Statements. Certain statements contained in this press release that are not historical facts may constitute "forward-looking statements" as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to market and other uncertainties and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.