Quote:
Originally Posted by AllinPoker
So little update thought this was interesting but not sure what to make of it. I bring up AIRT because Nick and Ray who have the controlling stake owning of PDEX of around 40% I think. Form 4 came out today from AIRT that past couple days Nick and Ray each bought 40k shares around $20 which is 2x from the prices from last week.
Nick and Ray own a big percentage of AIRT too. They have been selling PDEX shares I think for for first time for this past month when prices were like $38-40 since buying at $2 and all the sudden start buying AIRT when it's up 100% in the past week and PDEX dropped 20% and no form 4 yet on them.
So seems they like AIRT. I didn't pull the trigger yet on AIRT but I'm interested more now that I see they each bought $800k worth. Any of you guys buy AIRT? I bought back into pdex on the dip yesterday.
So a little timeline here:
12/4 PDEX files an S-3 for $100mm
12/15 Swenson sells 20k PDEX shares
12/23 AIRT files a 8-K announcing a new $108mm equity vehicle to do something with airplane engines...The 8-K is kind of vague. The line of business itself basically an extension of one of their subsidiaries. This is why AIRT pops.
12/29-12/30 Some insider buying at AIRT.
12/31 PDEX announces $25mm stock offering after market close (this is probably why the stock sold off earlier in the week)
Something like 70% of the AIRT shares outstanding are owned by insiders so the true float is tiny. I wonder if this PDEX issuance is to buy more AIRT stock or whether it really is for general operating expenses and renovating the building like the prospectus says.