My guess is we have seen an option dump today, the cross of @926k shares at 1.80 (it was an internal cross at that so had likely been prearranged) does not make much sense based on the contents of the Q1 update. But there are 1,000,000 options that vest tomorrow at 34 cents. Someone has presold existing shares to take up the options is my guess, and the sale could not be done from a compliance viewpoint without the Q1 update being released to market. If I am correct, I don't have a problem with the selling shares to take up new options, but I am not a fan of the dumping large chunks in the market in one go, the CEO did something similar a few years ago. If it is him again someone needs to have a word that this is undesirable behavior, or they need to create a smooth option expiry schedule and not have large amounts of shares vesting in one go thus creating a vesting cliff.
CGS Price at posting:
$1.86 Sentiment: Buy Disclosure: Held
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