UCASU Management Have Bought More Shares Than Sold

Rhea-AI Summary

UC Asset (OTCQX: UCASU) announced on October 15, 2021, that its management team has collectively purchased more shares than sold over the past six months. This announcement responds to shareholder inquiries regarding a Form-4 filing by founder Larry Xianghong Wu, which reflected a net sale of 5,000 shares. Despite this sale, Wu retains 97% of his holdings and has no current plans to sell more shares. Other management members' purchases did not meet disclosure thresholds but will be reported in the upcoming annual 10-K filing.

Positive

• None.

Negative

• Larry Xianghong Wu sold 5,000 shares for personal financial needs, representing less than 3% of his total holdings.
• Other management members' share purchases did not meet minimum disclosure requirements, raising transparency concerns.

ATLANTA, Oct. 15, 2021 /PRNewswire/ -- UC Asset (OTCQX: UCASU) confirms today that its management team, as a whole, have been buying more amount of its own shares than selling, in the past 6 months. The announcement is made in response to a number of requests by its shareholders regarding the recently filed Form-4 by its founder Larry Xianghong Wu, which shows that Mr. Wu has sold a net of 5,000 shares of UCASU common units in the past 6 months.

"Overall, members of our management team, including Mr. Wu, have bought more shares than sold, in the past 6 months," says Greg Bankston. "However, purchases made by other management members haven't reached the minimum requirement of disclosure, and therefore no other Form-4s have been filed. Their positions will be reported in our next annual filing 10-K."

"Mr. Wu sold those shares for personal financial needs. The sold amount accounts for less than 3% of his total holding. In other words, Mr. Wu still holds 97% of the shares he owns. At this moment, as far as I know, Mr. Wu has no intention to sell more shares. Neither I, nor Mr. Wu, have any intention to sell significant amount of our holdings in the next 6 months," says Bankston.

About UC Asset LP

UC Asset LP is a limited partnership formed for the purpose of investing in real estate with innovative strategies, concentrating in metropolitan areas of Atlanta, GA. For more information about UC Asset, please visit: www.ucasset.com

Disclaimer:

This News Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any these statements. You are cautioned not to place undue reliance on any those forward-looking statements. Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements after the date of this news release. None of such forward-looking statements should be regarded as a representation by us or any other person that the objectives and plans set forth in this News Release will be achieved or be executed.

For More Information Contact:
Christal Jordan | Executive Director, UC Asset LP
cjordan@ucasset.com | 678-499-0297

 

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SOURCE UC Asset

FAQ

What does UC Asset's recent press release state about management share purchases?

UC Asset confirmed that its management team has bought more shares than sold over the past six months.

Why did Larry Xianghong Wu sell shares of UCASU?

Larry Xianghong Wu sold shares to meet personal financial needs, accounting for less than 3% of his total holdings.

When will UC Asset disclose management share purchases?

Management share purchases that did not meet disclosure requirements will be reported in the next annual 10-K filing.

What is the current holding percentage of Larry Xianghong Wu in UCASU?

Larry Xianghong Wu still holds 97% of his shares after the recent sale.

Is there any indication of future share sales by UC Asset's management?

Both Larry Xianghong Wu and Greg Bankston have stated that they have no intention of selling significant amounts of their holdings in the next six months.