Former CEO Kevin Mills liquidates nearly all shares, pushing his stake below 5%
SCKT has more than doubled off its 52-week low of $0.38 on elevated volume (59× avg).
Summary
Former CEO Kevin Mills sold 316,199 shares of Socket Mobile on August 10, reducing his stake below 5% and effectively exiting his equity position, days after demanding repayment of convertible notes.
Key Events · Ownership and Investor Activity · SCKT
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Former CEO Sells 316,199 Shares
In open market transactions, Kevin Mills sold 316,199 shares at a weighted average price of $2.09 per share (range $1.80 to $2.30), liquidating nearly all his direct holdings.
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Stake Falls Below 5%
After the sale, Mills' beneficial ownership dropped to 426,304 shares, or 4.9% of the outstanding total—comprising just 10 shares held directly and 426,294 shares issuable upon conversion of notes.
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Follows Note Repayment Demand
The sale comes four days after Mills demanded repayment of his convertible notes, a move that, if honored, would further reduce his stake to a mere 10 shares.
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Leadership Vacuum Deepens
Mills was removed as CEO in June 2026; his complete equity exit removes any remaining financial alignment with the company amid ongoing losses and a Nasdaq delisting threat.
Analysis · SCKT · Technology
Just days after demanding repayment of convertible notes, Socket Mobile's recently ousted CEO, Kevin Mills, sold 316,199 shares on the open market at an average price of $2.09, slashing his beneficial ownership from 8.6% to only 4.9%. The sale effectively liquidates his direct equity position, removing a significant overhang but also signaling a complete exit by the former chief executive. This adds to the company's leadership turmoil and financial distress.
At the time of this filing, SCKT was trading at $2.17 on NASDAQ in the Technology sector, with a market capitalization of approximately $3.2M. The 52-week trading range was $0.38 to $2.79. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.