Modem Media’s Allen to Sell Up to 300,000 Shares

NEW YORK — Robert Allen, the former president and COO of Modem Media, plans to sell up to 300,000 out of the 863,178 shares of the company’s common stock he holds, according to a document filed Tuesday with the Securities and Exchange Commission.

According to the filing, such sales will be on the open market and subject to certain price limits. The program will continue for a period of a year unless sooner terminated.

Allen, a member of the i-shop’s board of directors, relinquished his senior management role a year ago and Modem Media CEO Marc Particelli absorbed most of his duties [IQ Daily Briefing, Nov. 7, 2001]. Allen is currently employed by the Norwalk, Conn.-based company as a part-time employee.

Last week, Modem Media’s board of directors authorized the repurchase of up to $5 million of its common stock in open market transactions over the next 18 months [IQ Daily Briefing, Nov. 1]. Modem Media stock (MMPT) was trading on the Nasdaq Tuesday at $2.36, down 11 cents or 4.5 percent. Its 52-week high is $5.00 and 52-week low is $1.68.