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Steel Partners enters trading plan agreement to acquire shares of Adaptec
By Lisa Kerner
Charlotte, N.C., June 10 - Adaptec, Inc. approved Steel Partners II, LP's May 28 purchase trading plan agreement with Mutual Securities, Inc., a registered broker-dealer, it was reported in a schedule 13D filed with the Securities and Exchange Commission.
The agreement establishes a trading plan to effect purchases of Adaptec shares in compliance with all applicable laws, including section 10(b) of the Securities Exchange Act of 1934, as amended, as well as rule 10b5-1.
It was previously reported that Steel Partners II bought 1,380,384 shares of Adaptec between May 12 and June 3 priced from $2.81 to $3.19 each.
Steel Partners II beneficially owns 19,575,068 shares, or 16.2%, of the Milpitas, Calif., data storage company.
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