If a stockholder who has 23% of the total shares outstanding...

If a stockholder who has 23% of the total shares outstanding starts to sell, then it could create waves of panic:

1. Other shareholders become concerned that he may continue to sell and continuously apply downward pressure on the stock price

2. As a non-director, he would be free to short the stock. He could legally sell down large volumes whilst buying up short positions on the other side. and profiteering twice.

3. Ben selling (as a former insider) might make others feel that he believes the stock price is overvalued and will make others follow suit.

IMHO GLTA DYOR