PyroGenesis Inc T.PYR

Abdalla and 3XP trading

[MrForthright]

Let's summarize this again. Insiders are free to trade the stock (outside a trading blackout period) when they do not have knowledge of undisclosed material information. A financing as the one announced this week would clearly be undisclosed material information before its announcement. What about the trading by Abdalla and 3XP? Since the financing is announced (unless the have access to other undisclosed material information), Abdalla and 3XP can trade as they wish. That said, in my experience, companies always impose a trading blackout during financing and when a broker is involved, there is always a lockup that goes beyond the 4 months plus a day statutary hold period. assume none of this is in place here because the company needs strong participation from insiders to get the financing done, hence the insider selling. The financing was announced on June 22 and Abdalla traded on the 21, which means he became aware of the financing after trading hours on the 21. 3XP traded on the 17, so the finaning started becoming real after trading hours that day.

[tamaracktop]

He sold stock on the 19th, 20th, 21st, and 22nd, the day the financing was announced.  After the market closed.

[MrForthright]

Trading on the 22 is not an issue, that is for sure. As far as trading on the 21 is concerned, the only logical conclusion is that Abdalla became aware of the financing after market hours. If you have doubts about that, this forum is not the right forum to discuss this. If you have concerns, here is the right forum: https://lautorite.qc.ca/en/general-public/assistance-and-complaints/making-a

[filoux004]

Wouldn't the BOD be advised before? Doesn't such action require approval before hand? Thanks glta 

[MrForthright]

100%. Abdalla's trading strongly suggest the BOD meeting happened on the 21st at night. It also strongly suggest that the notice for the board meeting also went out after trading hours on the 21. Optics are brutal but presumption of innocence is not in question.

[tamaracktop]

Optics aren't brutal, they're damning. Presumption of innocence? What you're suggesting is that Abdalla, who is on the board, sold stock last Thursday completely unaware that later that day the board would line up an underwriter, approve a financing, and announce it within 3 hours of the market closing.  I doubt that. This company is completely f#*d

[tamaracktop]

Somewhat like last October 7th, the Friday of the Thanksgiving long weekend,  when the company announced a contract cancelation at 10 pm that night.  3P had sold 50,000 shares only hours earlier that same day,  at $1.4043. How he skated on that one is beyond me.

[MrForthright]

I am not going to accuse Adballa of breaking the law. If you feel he did, best is to file a complaint with the AMF and let them do their work.