What’s strange about it? He has $9m of shares and wants to liquidate 4% likely for personal reasons, helping a kid, doing a reno etc. plus if i had 80-90% of my wealth tied up in one company I’d be liquidating it down as often as I can (without causing it to crash of course).
Seems like a smart, risk averse move for anyone heavily invested in a stock - not knowing obv where else he has his money but having been there for over 10 yrs as CEO it’s fair to say he’s heavily invested. If they strike gold with their direct, retail strategy or their planning solution then he still has the bulk of his holding left.
The only signal it sends to me through (whether rightly or wrongly) is that they won’t be paying divs in a hurry (because a small div would have netted him a similar amount of cash as this sell down). Not unexpected given they are still in growth phase.
NOL Price at posting:
$1.44 Sentiment: Hold Disclosure: Held
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