Kovens is not only a former director. He was the old Chairman/CEO as well. He's been selling shares periodically anyway, so I don't know what the deal is with the registration statement unless it was filed to include the options Kovens was allowed to exercise recently as per their legal settlement.
I called the company in the past regarding the impact of the IPO and they said they couldn't tell me anything that wasn't already publicly disseminated.
Between the rising revenues/earnings and the possible IPO, it still looks cheap to me. In addition the dispute with Kovens is over which should free up management somewhat plus there will be no more legal expenses incurred for it.
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