Nonprofits to benefit from Rally's success
Last Updated: 15:56 September 30, 2013
Rally (NYSE: RALY) several years ago donated 1 percent of its equity to the Community Foundation of Boulder County, to be cashed in at the time of the company's sale or initial public offering. Rally went public in April, and the lock on insider shares expires Oct. 9.
The Community Foundation's 24,793 shares will yield the organization about $750,000 or so depending on Rally's Oct. 9 stock price, which hovered around the $30 mark for much of the day Monday. The Community Foundation will then disburse those funds to nonprofit organizations of Rally's choosing.
Rally also has 22,396 shares earmarked for its own Rally for Impact Foundation. EFCO executive director Morgan Rogers said Monday that the roughly $700,000 yielded from the sale of those shares will go toward helping Rally for Impact provide grants facilitating the work of "citizen engineers," or engineers working to solve social and environmental problems.
Rally is holding a celebration of the donations at its headquarters at 9 a.m., Monday, Oct. 7, where it will present checks and lay out a vision for how the money will impact the community.
The EFCO, founded in 2007, has 60 member companies that have donated equity or a percentage of annual profits to the community. The EFCO has distributed more than $500,000 to area organizations.
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