TSQD option is a win-win for Ronning as long as
both TSQD and DRIV benefit. Seems this would be his objective all along (although some, such as myself, have doubted this in the past).
He owns 3,591,841 shares of DRIV. He's selling 70,000 as part of the 3,000,000 offering (70K*$30 = $2.1M - time for a new house?). After the sale, his % ownership of DRIV will be 21.05%. His remaining stake in DRIV is worth $106 million (at $30 - wow).
He owns 49% of TSQD, about 5.4 million shares. If TSQD's price reflects a ratio of 0.29, rather than the current ratio of ~0.1, he makes about $6 more per share (from $3 to $9), or $32.4 million. His overall stake in TSQD is worth $16.2 million (at $3/share) or $48.6 million (at $9/share).
Clearly he wins as long as both TSQD and DRIV do well. With this much money on the line, he clearly thought out this plan to sell 200,000 of TSQD's DRIV shares. I hope we see a press release soon. Tomorrow we'll see what the market thinks.
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