I've re-thought my idea of his sale, perhaps he was trying to stay on the right side of insider trading rules because of knowledge of a potential partnership. The 4 mil shares traded Friday with a blip up to 2.33 before settling at 2.21. Could be a partner taking an equity interest before an announcement.
From the SEC form 4 documentation: Payment of exercise price or tax liability by delivering or
withholding securities incident to the receipt, exercise or
vesting of a security issued in accordance with Rule 16b-3
I saw that as well.....pretty bad move considering the stock price shot up the following day! Typically, positive news isn't released on Friday's, possibly didn't consider the response the release would have on stock price. Fortunately he has 840,000+ additional shares to work with.
It struck me that the number of shares is about what he bought on the open market several months ago and the 840,000 shares are those he received for 0 investment as CEO, please correct me if I'm wrong.. The disposition represented 7.7% of his holdings and I wonder why, just before the annual meeting? He obviously didn't anticipate the response of the announcement, or does the announcement mean lots more $'s necessary to get to commercial production. I believe the cash burn and loss for 2nd. quarter will be greater than 1st quarter. The announcement makes it more of a target for acquisition but a large well healed partner is still needed if a real jump in the stock price is to occur. Love the company potential but I always look at the motives of those making the decisions that will make or break the company. Any comment?