Cold turkey

The price of a turkey in East Hampton, NY must be very high this year, so Mr. Richard Stone is selling (and probably already sold on November 19 to his broker) 200,000 shares of Nanox, cold turkey, at a value of $17.38 a share (according the the 144 form he emailed to the SEC).

This is about half of the shares he reportedly bought with cash on September 2019, pre-IPO.  His current holdings are a bit of a mystery, but the last 20-F states that he was a beneficial owner of a bit over 550,000 shares as of March 20, 2021 (includes options and warrants, outright and through intermediaries) 

Since the form was filed on November 19, a Friday, the stock lending/borrow fee has increased from about 7% to the current 57% (at Interactive Brokers).  It is not necessarily evidence of front running - when a large holder, who has lent his shares, sells, it typically takes a bit of time for the shares to become available to borrow from the new buyers.  The form was made public by the SEC on November 22, based on what I see in the webserver header.

Or just maybe Mr. Stone does not want to wait and see what will happen at the RSNA 2021 radiology conference next week.  See, Nanox started with a tweet like this in late October,

which has quickly transformed by the end of the month into this tweet:

 

What has Nanox never done before?  Tell the truth?

Mr. Stone is a Director of Nanox, and was a Director of Nanox predecessor since at least 2014.

Update:  In case it was not obvious, Nanox never traded below $18.30 a share as a public company, an all-time low it hit after Nanox disclosed a subpoena by the SEC on November 17.  Stock has fluctuated between that low and $20.57 since.

Update June 1, 2022:  Nanox filed a 6-K yesterday, stating:  "NANO-X IMAGING LTD (the “Company”) deeply regrets to announce that Mr. Richard Stone, a director of the Company, passed away unexpectedly on May 29, 2022. Mr. Richard Stone had served as a director of the Company since November 2019. Mr. Poliakine, the founder and chairman of the Board of Directors of the Company, commented, “It is with great sadness that we announce the passing of Mr. Richard Stone. He was a highly valued director of the Company and was an inspiration to all of us. Richard will be missed not only as a business colleague, but also as a friend and a true partner. We extend our deepest sympathies to the entire Stone family.”