Third Bench Inc (THBD)

[Blue Skys]

My guess is that insiders have printed themselves 77,250,194 shares since the RS or roughly 3/4 of the OS in addition to shares already held. It seems to me be quite possible that the big trades are holders passing shares around combined with some investors selling into the dilution. I have no idea if this is what is happening but it is certainly as possible as your analysis.