All said below without knowing if he has sold or not; pure...

All said below without knowing if he has sold or not; pure speculation and guesswork;

He hasn't changed his share holding since seed/IPO - where he first got his shares at 24c and 40c, leading the book building under the seed, which I wouldn't be surprised if an allocation of that was free as a script fee, and following IPO where he got $180k for facilitating it.

He did not participate in the latest CR because he did not lead it or get a CPS dealmaker allocation from IXC, I think he only supports deals that come through CPS.

4 years later after first business, 2 years after last CR, no more business in the future for IXC raises, his exit isnt weird to me. If he exited directly after IPO, then it would strike me as odd, 4 years later after no more business, nope.

Tidying up positions and putting more capital into more CR active businesses to drive more bargaining power for future CPS business is my read.

Out of everyone in the T20, he would be one I wouldnt think twice about exiting given the context.