Apr. 3 at 9:32 PM
$MVST Form 4 today. Arthur Wong, Audit Committee Chair, received 20,000 RSUs on April 1. Second grant this year after 37,500 on Jan 1. He now holds 237,473 shares.
Wong’s been here since the Tuscan SPAC. Former Deloitte partner. Chaired Canadian Solar’s audit committee until mid-2024. He signs off on the going-concern language and just accepted 57,500 shares of equity comp while it’s still in the 10-K.
Q1 pattern: Mattis vested 122,835 PSU shares. COO got multiple equity grants. Wei received 67,857 RSUs. One small sale all quarter.
Data on going-concern firms shows CEO pay cuts and fewer equity grants after the flag goes up. Enphase 2016-2017 is the best counterexample I can find. Going-concern language, equity comp kept flowing through the fix, turnaround followed.
$1 to
$150.
The comp pattern tells you whether a board is prepping for a funeral or a turn. This one’s getting paid to stay and see what’s on the other side.
