$SDGR @henrywu Because they’re math-challenged and/or trying to scare you out of your shares. Look at the SEC filing for Jenny Herman. She’s a VP and the Controller for $SDGR i.e. a senior exec. Per the filing, she holds ~5000 shares. Let’s assume they’re fully vested. Now, let’s assume there are 20 other execs with similar grants and further assume every exec dumped every share when the lockup expires (ridiculous of course). That’s a grand total of 100K shares against an average daily trading volume of 1M+ shares. So, even under the WORST CASE SCENARIO the impact on price would be minimal, as the shares could be absorbed in roughly an hour of trading activity. As I’ve said before, this is not Twitter, where 10x the daily volume got dumped when the lockout expired, destroying the balance of supply and demand.