Founder sell down is never a good look, particularly when it’s such a large amount at 10% of issued shares.

However I can definitely understand why Mintz wants to do it. He’s made a fortune from the company and wants to diversify. However it is worth noting that he has sold down a lot over the past couple of years so it’s not like this is his first “diversification” sale. I also don’t buy the line about “increasing liquidity” of the company share float.

What is not a good look however is the short escrow period of his remaining holdings. He has only committed to not selling more shares for 3 months and that’s a red flag for me.

disc: Used to own this company IRL but sold out after the recent pop back up to $1.85