Wynn Resorts Ltd. former CEO and Chairman Steve Wynn, who resigned from his positions at the company in February following allegations of sexual misconduct, and his ex-wife Elaine Wynn are now free to sell their shares in the company, according to an SEC filing dated March 15.
"Mr. Wynn may seek to sell all or a portion of the common stock controlled by him pursuant to one or more registered public offerings," the filing noted.
Steve Wynn and his ex-wife Elaine Wynn on March 14 presented a stipulation before a Nevada court, agreeing to nullify the amended and restated stockholders agreement between Steve Wynn, Elaine Wynn and Aruze USA Inc. The stockholder agreement of 2010 prohibited them from selling their shares in Wynn Resorts without each other's consent.
A separation agreement between Steve Wynn and the company also restricted him from selling more than one-third of Wynn Resorts shares during any quarter.
However, Wynn Resorts said Feb. 12 in a filing that Steve Wynn had informed the company that he had no immediate plans to sell his shares.
Steve Wynn owned 11.78% of Wynn Resorts' common stock as of Feb. 9 and Elaine Wynn owned 9.3% of the company's common stock as of Dec. 31, 2017, according to S&P Capital IQ.
