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Posted On: 10/23/2018 10:10:17 AM
Post# of 40991
Re: MoneyForNuthin #19325
Just to clarify - -
Where I noted that the # of shares to sell was about 1% of the O/S for each of those Form 144 filings... the SEC Rule 144 stipulates a maximum of 1% of the O/S for insiders to sell over any 3 month period.
The general point of my post was to show 2 things:
1st, filing a Form 144 for "x" # of shares doesn't necessarily mean that "x" shares will be sold - only that there is some "intention" to sell (up to) that many shares; in this case, many of the shares filed for on 10/20/2017 were not sold;
and 2nd, it should be no surprise that SB filed those forms and sold some significant number of shares, as this was how 1) the business was being funded (SB loaned most of the proceeds to the company), and 2) SB was receiving some living income (without having to take cash out of the business). By filing the Forms 144 for the maximum 1% of the O/S, SB was cleared to sell up to that number if needed.
Regarding the last Form 144 filed on 8/30/2018, it's possible that some or all of those were sold or will be. It's equally possible that none of those shares were sold and will not be sold, that the Form 144 was only filed in case there was a need. Better to have the option, should there be a need or a good reason to raise some quick cash, rather than turning to a toxic lender for a convertible note.
Where I noted that the # of shares to sell was about 1% of the O/S for each of those Form 144 filings... the SEC Rule 144 stipulates a maximum of 1% of the O/S for insiders to sell over any 3 month period.
The general point of my post was to show 2 things:
1st, filing a Form 144 for "x" # of shares doesn't necessarily mean that "x" shares will be sold - only that there is some "intention" to sell (up to) that many shares; in this case, many of the shares filed for on 10/20/2017 were not sold;
and 2nd, it should be no surprise that SB filed those forms and sold some significant number of shares, as this was how 1) the business was being funded (SB loaned most of the proceeds to the company), and 2) SB was receiving some living income (without having to take cash out of the business). By filing the Forms 144 for the maximum 1% of the O/S, SB was cleared to sell up to that number if needed.
Regarding the last Form 144 filed on 8/30/2018, it's possible that some or all of those were sold or will be. It's equally possible that none of those shares were sold and will not be sold, that the Form 144 was only filed in case there was a need. Better to have the option, should there be a need or a good reason to raise some quick cash, rather than turning to a toxic lender for a convertible note.
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