DroneShield CEO Oleg Vornik addressed investors regarding his decision to sell $50 million worth of stock last year. The sales triggered a 30 per cent drop in the company’s share price upon disclosure. During a call with shareholders on Wednesday, Vornik explained the sales were partly to cover a substantial tax bill incurred after exercising his performance options.
Vornik clarified that exercising his performance options resulted in a $25 million tax liability. Further sales were made to secure his financial future, referencing his upbringing and the opportunity to improve his financial stability. He stated that he had a mortgage and significant renovation expenses.
Despite the substantial sale, Vornik reassured investors that he retains a multi-million dollar equity position through stock options and remains committed to the business. He also pointed out that DroneShield’s share price on Wednesday was higher than when he began selling shares in early November. He noted that many DroneShield employees also sold shares during the same period, acknowledging their sacrifices to meet company targets.
DroneShield is an Australian company that develops counter-drone technology. Its products are used to detect and neutralise unmanned aerial vehicles in various environments.
