He’s hearing rumors alright. He knows that the technology failed development and rumors they can’t offload the company to a suitor. It’s everyman for himself at this point, salvaging any dollars remaining. Lebby is cashing out before the delisting and reverse split. Very smart on his part. He knows exactly what’s going on internally at the company.
He paid $173k to do this. If he sells them tomorrow and gets 1.34 / share $335k, for about $150k in profit. $120k after taxes.
He had to file form 144 because these options are restricted / never been traded on the market. Has 90 days to sell the shares which is interesting because we will get significant updates in the next 90 days (annual report, OFC, ASM).
Many reasons to do this. Big F you to the board for firing him for sure. Could be doing personal estate planning. Maybe he came across a rare stamp collection he wants to buy.
I think it's an F you to the board, coupled with the expectation of deals in the next 90 days. Pretty simple and it doesn't bother me at all.
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