Why Indie Semiconductor Stock Dived by Nearly 9% Today
Indie Semiconductor (NASDAQ: INDI) shares were jammed in the slow lane as the abbreviated stock trading week kicked off on Tuesday. On news that the assisted-driving chip developer's top executives were subject to severe pay restrictions, investors aggressively traded out of the company. Its stock closed the day almost 9% lower in price, a far steeper fall than the 2.1% slide of the bellwether S 500 index.
Indie disclosed in a regulatory filing that several of its C-suite denizens and founders would take new, microscopic base pay packages. CFO Thomas Schiller and two unnamed co-founders are now to receive a base salary of $1 per year, a move the company said was "at the initiation and request" of those individuals.
The base salary for Raja Bal, the chief accounting officer who is also listed as the acting CFO, and unnamed fellow top managers will receive a less drastic cut. Their annual salaries are to be decreased by 20%, although this is temporary and only in force from this past Sept. 1 through March 31, 2025.
Source Fool.com
