There are a few levels of how restricted stock can be sold/vested.
I know about some these restrictions, as I was party in many R/Ms and held restricted stock and had various degrees of what I was allowed and not allowed in vesting my holdings.
Not knowing the particulars in this case on how the grantee can unload his shares, we can only surmise on why and how.
There are common restrictions known as Triggers or Double Triggers.
But there is another option which is known as Market standoff provision.
This is simply stating, that holders of restricted stock may not sell for a certain period of time (usually 180 days) after a company transfers into another entity. The intention for this option is to stabilize the stock price of the company after the merger or transfer of the management, whereas the grantee is prevented in selling a large sale of stock on the market by the previous owners of the original company.
Usually as with all R/M they seem to always remove any previous owners taking part in the new company, so in this case, the holder is unloading before the symbol change to maximize his selling, but keep in mind he can't just sell the lot. There is guidelines on how much he can sell in a trading session and must wait for another trading session and also must stay within a certain % of the daily volume.
In this case they broke the number of trades in this session to move around the rules and has been for the last couple of sessions. Which in this case is good for us and reason why the close always appears to be around .0011 give or take.
I believe the lead MM for NWAV is controlling this period of trades before the symbol change for smooth transition without huge swings in the share price.
All is still good for us.
Have a good day
varok
