BeFree, Inc. fell 2 15/16 to 43 15/16 Thursday after the Internet marketing company said its chief executive and other members of management will sell some of their shares as part of a planned stock offering.
In an amended filing with the Securities and Exchange Commission, the company said Chief Executive Gordon Hoffstein would cut his stake in the company to 4.89 percent from 6.19 percent, and executive vice presidents Thomas Gerace and Samuel Gerace will each own 4.48 percent, down from 5.61 percent currently.
BeFree filed on March 8th to sell 4.5 million common shares, not adjusted for a planned 2-for-1 stock split.
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