Gamestop chairman Ryan to 5ELL ENTIRE stake in BBBY
No wonder price suddenly tumble down.
Take profit if any, cut loss if you must.
Article quoted from yahoo finance :
A Form 144 filing with the SEC dated August 17 revealed that Cohen's RC Ventures, which holds an 11.8% stake in the struggling retailer, is planning to sell the entirety of its stake in the company within the next 90 days.
A Form 144 filing is used when affiliates of a company plan to sell more than 5,000 shares, or $50,000 worth of stock, that isn't otherwise registered — such as through a 10b5-1 pre-planned stock sale.
BBBY stock, which is up more than 350% in August, fell as much as 12% after hours following an 11% rise during Wednesday's session.
This disclosure comes just a day after RC Ventures filed an updated Form 13D with the SEC, in which it revealed an 11.8% stake totaling 9.45 million shares, including 1.67 million shares underlying call options. Wednesday's filing noted those call options included January 2023 dated calls with strike prices at $60, $75, and $80 per share.
Per Wednesday's filing with the SEC, the total outstanding value of Cohen's stake in the retailer totaled over $148.5 million.
Cohen's RC Ventures initially disclosed a 9.8% stake in the company back in March, saying in a filing at the time he planned to engage with the board on strategic alternatives, including a possible spin-off of the company's buybuy Baby brand.
In the intervening months, Bed Bath & Beyond added three Cohen-backed appointees to its board and replaced CEO Mark Tritton.
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Ok