Come on finish $5 plus, page-33

Hi there Staz024,
Great question.
The fact is that a number of ARX's largest shareholders have held their shares since 2008 while ARX was a private company.
The early shareholders purchased their shares at a price substantially lower than the IPO price of $0.75.
So by the time these shares were no longer escrowed, some of the original shareholder had held the shares for the best part of 13 years.
When the shares came out of escrow, this was the first opportunity some of these shareholders were able to sell their shares.
Sure, they may have been able to get a higher price if they delayed selling, but in reality they probably had achieved their desired rate of return, and were happy to sell and move on.
I will do some research and come back to you on your other two points.
Cheers