Aug. 20 at 7:41 PM
$PSIX Ok so Weichai filed last week to sell 1,150,000 shares. Sales started on the 12th and we have data through the 15th. They have averaged about 134,000 shares sold per day for 4 days. 537,915 shares have been sold total so there are 612,000 shares left to sell. These have been open market sales and looks like Goldman Sachs is handling the sales. Obviously this has depressed the stock price as this accounts for 12% of the average daily volume over those 4 trading days. At the rate they're going looks like they should be done by tomorrow or Friday. We have also had share sales of 2500 by director Hong He; 26,000 by Dino Xykis; and 5000 by Frank Simpkins.. Those sales also took place on the 12th and 13th. Now if there are no other filings, we won't have this overhang and hopefully we will see the stock moving up again. Too bad GS couldn't place this as a block with a mutual fund or other large investor. Perhaps Weichai didn't think to shop it around.
