Voyager Digital CEO, Steven Ehrlich, sold 1.9 million VOYG shares for $31 million right before the firm's shares reached an all-time high, CNBC has learned, citing data from the Canadian Securities Administration.
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According to the report, Ehrlich and his Delaware LLCs dumped shares in 11 transactions from February to March 2021. The largest sales were connected to a $50,000,000 secondary offering by Stifel Nicolaus in February 2021.
CNCB points out that Voyager's shares peaked just a week after Ehrlich finished sale on April 5, 2021. Three weeks later, the firm's shares plunged by 41% of their value.
In early July, Voyager filed for bankruptcy in the US Bankruptcy Court of the Southern District of New York. Ehrlich said that the bankruptcy was the "best way to protect assets on the platform and maximize value for all stakeholders."
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