FWIW, I disagree with buffet's 2nd point (options expiry)....

FWIW, I disagree with buffet's 2nd point (options expiry).

Unless there is something I am missing, there is no indication that the exercise is by directors. In addition, 80K is immaterial. It is not as if the company is starved for immediate cash.

A good reason to exercise options is to obtain the additional liquidity in the heads.

I disagree with Tibbs points. RWD does not have to get this approval. Companies issue stock subject to shareholder approval all the time. There is generally a penalty though in the pricing. Investors will pay more for stock that is issued immediately than stock that is issued in 1 month, since they are taking more market risk on the latter.

The opinion that stock is being driven down by potential placees is impossible to substantiate IMO. One reason: the issue, when it occurs, could be oversubscribed by 5-10x. Its a dangerous game to sell now when a scaleback may mean you get 10% of what you want.