QUINCY, Ill. (Aug. 18, 2004) — Titan International Inc. President and CEO Maurice Taylor Jr. plans to sell up to 450,000 shares of his company's stock for personal financial obligations as well as up to 40,000 shares for a foundation.
In a statement, Mr. Taylor said the 40,000 shares are owned by the Maurice and Michelle Taylor Foundation, whose funds are primarily used to award college scholarships to children of Titan employees. The other 450,000 shares of Titan stock are held in the couple's name.
The company has filed a Form 4 with the Securities and Exchange Commission for 180,600 shares sold so far, and future sales also will be filed with the SEC.
“I personally have not sold any Titan stock for more than seven years, however, in March 2004, the foundation sold 10,000 shares at approximately $5 per share and since then the stock price has doubled,” Mr. Taylor said in the statement. “I have obligations for the use of these funds. After these transactions, I will still hold approximately 1.8 million shares, including 300,000 in stock options, so I hope the price doubles again.”
Just a year ago, Titan's stock avoided being delisted from the New York Stock Exchange after reaching a 30-day average closing price of $1.90 at the end of trading Sept. 12. The company had been warned in March 2003 that it could be delisted if it didn't maintain the $1 minimum.
Since then, however, Titan's stock has surged. It closed at $10.22 per share Aug. 17. The stock's 52-week range hit a low of $1.32 and a high of $12.30.