Seagate Executives Liquidate Thousands of Shares... Pursue $600 Million Convertible Bond Exchange

On January 29, Seagate Technology Holdings plc (NASDAQ: STX) disclosed that Chief Commercial Officer Teh Ban Seng exercised roughly 10,000 stock options at $101.34 per share to acquire common stock, and then sold approximately 20,000 shares in three transactions later that day at about $440 per share. On February 2, CEO William D. Mosley, under a pre-established Rule 10b5-1 trading plan, sold tens of thousands of common shares in tranches, realizing roughly ₩10 billion in proceeds; he still holds more than 400,000 shares—equivalent to about ₩200 billion in interest.

In addition, on February 11 Seagate and its subsidiary Seagate HDD Cayman agreed to exchange $600 million principal amount of 3.50% convertible notes due 2028 (approximately ₩800 billion) for $599.2 million in cash and common shares based on the February 12 market price. Once the exchange—expected to close around February 17—is completed, the exchanged notes will be retired, leaving $400 million of notes outstanding under the original terms.

Recently, Seagate completed a shelf registration for up to $6.6 billion of common stock (over ₩8.9 trillion), securing capacity for future capital raises and employee equity awards. The company also plans management presentations and investor meetings at major technology, media and telecom conferences hosted by Bernstein, Morgan Stanley and others on February 25 and in early to mid-March, underscoring its commitment to ongoing market engagement.

Seagate is a global leader in storage solutions with more than 45 years of experience supplying hard disk drives and large-scale storage systems. To date, it has shipped over 4 billion terabytes of storage capacity, and its core business continues to focus on high-capacity data storage solutions across data centers, cloud and edge environments.