"Gee, it seemed like such a good idea at the time" said FR. "You know, they only pay me a million bucks a year and I needed additional liquidity. I'm really in this for the long haul, believe me. It's not like I was really going to sell off 4M shares in 12 months, I just wanted the ability to be able to do it if necessary. Really."
OK, I'm dying to hear some pumper positive spin on this.
On May 9, 2012, Frank M. Reynolds, the Chief Executive Officer of InVivo Therapeutics Holdings Corp. (the "Company"), terminated his previously disclosed Rule 10b5-1 trading plan (the "Rule 10b5-1 Plan"), which covered potential sales of up to 4,000,000 shares of common stock of the Company. No sales were made pursuant to the Rule 10b5-1 Plan.
That he has no faith in the company. The 8-K quietly announces the cancellation of a plan FR setup that would allow him to dump 4M shares (almost 30% of his stake) over the course of 12 months to give him "liquidity". A month later, he cancels it, certainly in response to backlash over the appearance of massive insider sales. Another example of his poor judgement.