magicJack VocalTec CEO Sells 1M Shares
Long term and strategic investors, including the Company's Chairman, President and three shareholders, each of which already beneficially owns more than five percent of the magicJack's outstanding ordinary shares, bought approximately one million shares from Dan Borislow, magicJack's (NASDAQ: CALL) CEO. The Board was advised, and supportive of a transaction that would enable Mr. Borislow to not have personal debt tied to his stock. Following this transaction, Mr. Borislow remains the Company's largest shareholder, beneficially owning more than 20 percent of the Company's ordinary shares. In addition, Mr. Borislow has committed not to margin or pledge his remaining shares in the future.
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