A conspiracy theorist could say he bought those shares to instill investor confidence. He also has many many preferred shares that would be ok. He is the CEO, what's he got invested out of his own pocket? A few hundred thousand? Be nothing compared to his large salary, his incentive plan, etc if he was able to get his company to big boards and profitable. What does he own, 1.5% of the shares? Sure he has skin in the game, but let's be honest, r/s would do little hurt to his financial well being. Many many loyal shareholders would be hurt. Why aren't insiders buying shares this low?
I don't 100% believe what I wrote above as being the reason, but you asked the question and I just provided a thought.
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