Tilray Executives Continue To Unload Shares Despite A Falling Share Price

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Following the closing of the merger between Aphria and Tilray, Inc. (TSX: TLRY) (Nasdaq: TLRY), former Tilray CEO Brendan Kennedy took a backseat to Irwin Simon who was appointed as CEO of the combined company. Originally viewed on Technical420

After the transaction closed, Tilray appointed Kennedy as a Director and a Board Member of the combined company and we are favorable on his decision to remain involved with the advancement of the Canadian Licensed Producer (LP).

During the last quarter, Kennedy has sold a lot of stock and we are not surprised by the timing of the transactions. These trades are not surprising and took place a few months after he filed a Rule 10b5-1 trading plan (filed on May 17th).

In accordance with the Rule 10b5-1 trading plan, on July 15th and 16th, Kennedy completed three transactions and sold 600,000 common shares, in aggregate, at a range of prices (from $13.72 to $15.33).  These transactions were reported about a month after Kennedy reported to have sold 400,000 shares of common stock (on June 17th). These sales were also related to Kennedy’s previously filed Rule 10b5-1 trading plan and we are favorable on how he has structured his selling strategy. 

By not selling a larger amount of shares at a time, Kennedy has put less pressure on the stock. Despite his actions, the trend over the last quarter has been to the downside and momentum has been at oversold levels. We believe the recent selling has been overdone and will be closely monitoring the trend from here. Read entire article on Technical420

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