RALEIGH — A board member of Bandwidth Inc., a communications technology services company based in the Triangle, sold $1.3 million in company stock in his third sale this past month, according to a Securities and Exchange Commission filing on Monday.
Brian Bailey sold 20,000 shares in six separate transactions at varying prices for a total of $1.3 million.
He sold 10,000 shares in three transactions on Thursday at prices of $64.41, $65.45 and $66.40. On Friday he sold 10,000 shares at prices of $65.88, $67.03 and $67.63.
This is Bailey’s third sale of the month with both of the other sales totaling to nearly $1.6 million.
The Cary-based company provides services and products such as dynamic location routing and voice API. The company went public in 2017 and recently beat its fourth-quarter expectations in February.
Bandwidth’s platform enables enterprises to create, scale and operate voice or text communications services across mobile applications or connected device.
Bailey joined Bandwidth’s board of directors in 2013 and is a co-founder and managing partner of Carmichael Partners, a private investment firm based in Charlotte.
Prior to forming Carmichael Partners, he worked in private equity at The Carlyle Group in Washington, Forstmann Little & Co. in New York and Carousel Capital in Charlotte, according to Bandwith’s website. He has previously served on the boards of a number of private, public and nonprofit organizations
Recently the company announced plans to raise $135 million in a secondary offering.
Bandwidth’s stock closed down 1.83 percent Tuesday to $67.51.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism