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Investing.com -- Shares of ViaSat Inc. (NASDAQ:VSAT) plummeted 19% following the news that Ontario Teachers, CPP, and Triton Luxtopholding, three of the company’s largest investors, filed Form 144s with the SEC, indicating their intention to sell a substantial number of shares.
The significant drop in stock price comes as these major shareholders, ranked as the fourth, fifth, and sixth largest in ViaSat, each proposed to sell 3.75 million shares. The shares in question were acquired through a merger with Inmarsat, which suggests a reshuffling of stakeholder positions in the satellite communications firm.
Form 144, the document filed with the SEC, is a notice of an insider’s plan to sell restricted or control securities in the public market. This form is often a precursor to the actual sale of shares, and the filing of multiple such forms by key investors can signal a potential increase in stock liquidity or changes in ownership structure, which can impact the stock’s market performance.
This move by the major investors has clearly rattled the market, as the proposed sale represents a significant portion of the company’s equity. The filings have raised concerns among investors about the potential implications of such a large divestiture, leading to the sharp decline in ViaSat’s stock price.
The company has not released any official statements regarding the planned share sales or the reasons behind the investors’ decisions. However, insider transactions are closely watched by the market as they can provide insights into the insiders’ views on the company’s future prospects.
As the market absorbs the implications of this potential change in ViaSat’s ownership, investors will be closely monitoring any further developments or explanations that might emerge from the company or the selling shareholders.
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