An explanation in case you're wondering what's happening with the recent insider transactions.
Transactions for Feb. 23 & Mar. 3, show private acquisition of ATE shares for Legault (and his private corporation), Wallace (and his private corporation), Wilson and Vaughan.
Legault: (80,638 + 20,461 + 86,576 + 21,968) = 209,643
Wallace: (29,737 + 134,830 + 31,927 + 144,759) = 341,253
Wilson: (3,721 + 3,994) = 7,715
Vaughan: (1,581 + 1,697) = 3,278
According to SEDI, Antibe Holdings held 15 million shares (1.5 million after the reverse split) from June 2013 - June 2017 (after which point they ceased to be an insider and having to report on SEDI). According to the last financials, on Dec. 31, 2020 Holdings owned 3.2% of the common shares (of which there were 38,779,772), meaning that Holdings owned about 1.24 million ATE shares.
The original long form prospectus from June 2013 (p.53) listed ownership of Holdings as: Wallace owning 16.6% (could increase to 32.0% through performance milestones and options) and Legault acquiring 23.0% if all performance milestones and options vest.
I'm not sure if with these past 2 transactions Holdings has completely divested all of its ATE shares to the shareholders of Holdings, if they did, it'd imply that Wallace (341,253 / 1,240,000) owns about 27.5% of Holdings and Legault (209,6439 / 1,240,000) owns about 16.9% of Holdings. Those numbers are titch low (27.5% vs 32.0% and 16.9% vs 23.0%), so either Wallace & Legault have sold shares in Holdings or Holdings has not completely divested all of its shares in ATE and if so there'll probably be another round of these insider transactions next week.
What is happening is that Holdings (whose main asset is 15% of our future royalties, along with very minor milestone payments and 1.24 million shares of ATE) is doing some administrative paper work in anticipation of Holdings and Antibe agreeing to a current valuation of the 15% royalties. They're going to do a three cornered amalgamation where ATE shareholders will get approximately 85% of the amalgamated company and Holdings shareholders will get approximately 15% of the amalgamated company (these percentages are what the two sides are negotiating). This should be neutral to the share price of ATE, we're giving 15% of the company away, but in return we're increasing our profits (royalties) by 15%.
When Legault, Wallace, Wilson, Vaughan (and the other original founders) first received ATE shares (through Antibe Holdings), the value of ATE was a lot lower. For capital gains and tax purposes, I don't think they can just arbitrarily pick a day and price and say "that's what I sold the shares to myself for, at the very low point!". They probably have to follow some sort of VWAP (volume weighted average price) over the prior 5, 7 or whatever prior days. That's why the first round of transactions on Feb. 23rd had the acquisition price as $6.38 (and only had a high of $5.78 that day). Probably supposed to spread the transactions over 2-3 weeks as well.
Things to keep in mind, Legault & Wallace are not manipulating the share price lower so they can get more shares for Holdings royalties (first they're not doing negotiations, both Holdings and Antibe would have independent counsel, accountants and investment banks negotiating on behalf of each side). When an agreement is made it'll be an all share transaction (we don't have the cash to pay out 15% of our future royalties). The lower the share price of ATE is, doesn't mean we're giving Holdings more shares, since it means those ATE shares (around 15%) are more valuable to the upside.