ACADIA earnings, page-108

Hi mpec

An S-3 remains active for 3 years. Baker Brothers similarly filed an S-3 in May 2019 and before that in 2016.

They haven’t acted on this option to sell out over the past 6 years and perhaps they won’t over the next 3 years.

But it does keep their options open.

One could argue that nothing changes for NEU as this option to sell already existed.

However, were Baker Brothers to act on this latest S-3 and sell in the near term, in a depressed market, I would expect a negative market reaction to ACAD, and in turn to NEU, based on the perception that insiders had a negative view about the company’s prospects.