SoFi Technologies Furnishes Details on CEO's Prepaid Variable Forward Contract
Summary
On August 28, 2025, SoFi Technologies, Inc. CEO Anthony Noto entered into a prepaid variable forward contract with an unaffiliated third-party dealer involving 1,500,000 shares of the Company's common stock. Mr. Noto received an upfront cash payment of $24,107,850. The contract, maturing around August 28, 2028, allows Mr. Noto to settle by delivering shares or cash, while retaining voting and dividend rights in the pledged shares. The number of shares delivered will depend on the stock price relative to a floor of $18.21 and a cap of $49.18 per share.
Why It Matters
This disclosure details a significant financial transaction by CEO Anthony Noto, providing him with $24,107,850 in liquidity without selling his shares outright. Investors should note that Mr. Noto retains voting rights for the 1,500,000 pledged shares, representing approximately 7% of his beneficial ownership and less than 1% of total outstanding shares, signaling his continued alignment with shareholder interests while managing personal finances.
Key Quote
“0001 par value per share (the "Company Common Stock"), representing approximately 7% of the Company Common Stock beneficially owned by Mr. Noto and less than 1% of the Company's total outstanding shares.”
— From Item 7.01
Filing Details
Reported Items
Additional Information
- CIK Number
- 0001818874
- Filing Date
- Friday, August 29, 2025
- Filing Time
- 12:00 AM UTC
- Form Type
- 8-K
- Materiality Level
- medium
- Sentiment
- neutral