The transactions cited on the volume list do not stipulate how many shares were bought and how many were sold. So how did you derive that VFIN "sold the most shares of PLNI year to date" per your statement?
You discussed Death Spiral PIPE's in context as a Private Placement, and then alluded to PLNI's Private Placements. Clever, but pretty transparent attempt to confuse the readers.
A PIPE and private placement have differing characteristics. PIPE's refer to an investors' purchase of stock in a company at a discount to the current market value per share for the purpose of raising capital. A private placement may not involve discounted stock prices at all. Unless you have the PPM memorandum there is no way to speculate on the subject accurately. Private placements nearly always result in issuance of Restricted Stock... not available for public sale until restrictions are satisfied.
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