Yes, there was a large block sale sitting at 6 3/4 today. Kevin your speculation was close to target.
<<Whoever is selling into this rally appears to be selling a large position of the stock. I'm assuming its a big holder of the stock who wants out. Are you aware of any large holders of TPRO stock with positions of over 1 million shares? >>
Or perhaps a holder who has a lock-up period ending on February 7th, and wanted to sell some during this period before the window of opportunity had passed........ie. since it is an aggregate lock-up they may be trying to beat each other to the sale
From the October 17th S-3 filing:
edgar.whowhere.com
Renaissance Capital Group, Inc. 1,343,301 7.46%
4) Includes Shares subject to a lock-up agreement with Renaissance and Bathgate McColley Capital Group LLC whereby the holders have agreed that without prior consent they will sell no more than 22% of the shares issued in the ACT merger prior to February 7, 1998, and no more than 25% of those shares prior to February 7, 1999. In the event other shareholders subject to this lock-up agreement sell less than 25% of their Shares during such period, other shareholders may sell more than 25% so long as the aggregate number of Shares sold by the group does not exceed 25%.
So relax, this selling was likely triggered by the calendar, and less likely by a large holder who has a negative view of the company's future. If it was Ren-Cap or another VC subject to the lock-up provision, remember, they are in business to loan money, and they convert shares to cash as soon as it is reasonable so they can do financing deals with other companies.
Zebra |
