Cypress actually sold ~60% of their holdings. The 3.4 million shares you quote are presplit, divide by 5. They have options for 400,000 at 15 which may well go soon as well. It is also possible that the original VC's may unload as well. And they would be extremely foolish not to do a secondary. The rule with development stage companies is to make hay while the sun shines. This is high risk, not too sure about the high reward part. Competitors include IBM, MOT, Toshiba, IFX, MU, just about every company that can actually tell you what MRAM stands for.