Khobi Brooklyn, a spokeswoman for Palo Alto, California-based Tesla, said the company considers the April 15 filing its official comment.
Outside of the Russell 3000, which represents about 98 percent of the U.S. equity market, a small Boca Raton, Florida-based data provider could vault near the top of the list. IDI Inc., with a market capitalization of $241 million, intends to grant billionaire Phillip Frost 3 million restricted shares, it disclosed in an April 29 proxy statement.
Those would have been valued at $25.35 million when Frost, a dermatologist, joined the board as vice chairman in December, the filing shows. The grant, and others to directors, require stockholder approval at IDI’s June 1 annual meeting, the filing shows. Executives and directors own 53.6 percent of IDI’s shares.
Shares Fall
If the grants are approved, IDI’s directors would receive an average $3.39 million, according to data in the filing. The thinly traded shares have fallen 39 percent since Dec. 8, when the company valued Frost’s award.
Frost’s pending grant was made “in recognition of his considerable strategic direction and support of the company and its predecessors since 2007 and the anticipation of his significant contributions upon joining the board,” Jordyn Kopin, a spokeswoman for IDI, said in an e-mail. “Using an average for the non-employee directors is not useful because Dr. Frost’s grant significantly skews the numbers.”