Insiders Unloading 5.5 Shares in Secondary Offering CIMT Takes out $5 Million Line of Credit
Two insiders are selling out after having received over $4.5 million in cash distributions. CIMT obtains $5 million bank line of credit. In the prospectus its say to help expand business or some such nonsense. They took out the line of credit to pay the selling shareholders their $4.5 in cash. SMH
Prospectus is available on SEC.gov - Form 424B7
Whether part or all of those 5.5 million shares will be sold to another company as an acquisition, to an investor or two (Mutual fund) or just dumped on the open market remains to be seen.