If that means insider selling is going to decrease I am thrilled.
But insider selling will stop completely around 5/1 because the quarterly results will be released around the 15th of the month. So I expect insider sales to stop on 4/30. I would suggest that we need to wait until 5/31 to see if additional selling begins after the blackout period. Don't be fooled by insider selling ceasing on 5/1 or before. They may cease selling this week and the quarterly filing may happen on 5/7. We don't know the timing of the 10Q.
Dennis Chang did only file to sell 583,000 shares on his 144 on 4/15. Through 4/19/24 he sold 200,000. So this week he only has 333,000 shares to sell. He will need to file another 144 to begin selling again. His filing does say he was awarded another 5 mill shares that can be exercised now and another 5 million exercisable in Jul 24. I don't anticipate additional selling after this week by Chang. I will wait until after the blackout to see if he will be selling more.
Williams is the lowest seller of the 3. But his 144 allows him to sell another 1M shares. He has sold 120K, 350K and 750K the last three weeks. I would expect that he will sell 350-1M shares over the next 2 weeks. Then he will need another 144 to begin selling additional shares. He like Chang was issued an additional 10M options he can sell. However, at some point it will be hard to sell. It costs money to exercise and sell your shares. The exercise price is $.005 and the current share price is $.013. Without any fees the profit today would be $40K on 5M shares. If the share price continues lower it won't be worth the time and money to exercise. The profit will be minimal.
Barbara is the real question. She is the whale. She currently has 89.7M shares to sell. I would anticipate additional selling but hopefully less shares. She only sold 910K shares last week. Lowest amount in a long time. So maybe the numbers are decreasing. But the 144 from 3/1 to 6/1 is for 21M shares. She has 12.7M shares left to sell between 4/19 and 5/31. During that time she has a 2 week blackout. So she has 4 weeks to sell 12.7M shares. That can't happen. Will Barbara and Emil stop all selling. I sure hope they do.
Deerballs. Ask Rich a question, Is there a blackout period for selling prior to a trial. Is selling prohibited within 2 or 3 months of the trial date? If they have a 3 month blackout that would end all selling in mid May. I would like to know if they stopped selling on their own or were they forced to stop selling driven by requirements.
Either way I will welcome no insider selling. I believe if insiders stop selling the share price will begin to strengthen and will be north of $.02 by June 1. That assumes the insiders do not start selling after the 10Q is released.
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