Like its famous iron clad civil war namesake ship, Merrimack is taking on a heavy barrage of incoming fire. This time from a lock up expiration rather than cannon balls. September 25 was the second expiration of insider lockup holdings, totaling 78.1 million shares. To put it in perspective, the total IPO offering six months ago, was 14.3 million shares. This substantial increase in the number of shares available to be traded and sold has put considerable downside pressure on the stock price. 4.8 million shares have traded so far today vs an average daily volume of 100-200K. An important question is how many of the insiders holding the newly released 78.1 million shares will be selling over the next several days. The 19% decline today could be just the beginning.