Affiliate B-29 Investments Files Intent to Sell $3.6M in Stock Amidst Broader Shareholder Liquidation
Summary
An affiliate, B-29 Investments, LP, filed a Form 144 to sell $3.6 million in Select Water Solutions stock, adding to over $6.6 million in sales by related trusts in the last three months, signaling ongoing significant shareholder liquidation.
Key Events
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Proposed Share Sale by Affiliate
B-29 Investments, LP, an affiliate of Select Water Solutions, has filed a Form 144 indicating intent to sell 300,000 shares of Class A Common Stock, valued at approximately $3.6 million.
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Significant Recent Selling Activity
This proposed sale follows the disposition of 595,360 shares by related trusts, totaling over $6.6 million in gross proceeds, within the past three months.
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Selling Near 52-Week Highs
The ongoing selling pressure from this affiliate and related entities occurs as Select Water Solutions' stock trades near its 52-week high, suggesting profit-taking at favorable price levels.
Analysis
The Form 144 indicates B-29 Investments, LP, an affiliate, intends to sell 300,000 shares of Select Water Solutions' common stock, valued at approximately $3.6 million. This proposed sale is part of a larger pattern, as the filing also discloses that related trusts have sold an additional $6.6 million in shares over the past three months. This cumulative selling activity by a significant shareholder group, totaling over $10 million, represents a notable disposition of holdings. Occurring while the stock trades near its 52-week high, this ongoing liquidation could exert downward pressure on the share price and suggests profit-taking by a key affiliate.
At the time of this filing, WTTR was trading at $12.89 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.6B. The 52-week trading range was $7.20 to $13.50. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.