[SCHEDULE 13G] Galaxy Digital Inc. SEC Filing
On 08/05/2025, Fennec Pharmaceuticals (FENC) director Rosty Raykov filed a Form 4 reporting the sale of 10,000 common shares at $8.09 each. The transaction was executed under a pre-arranged Rule 10b5-1 plan dated 08/23/2024. After the sale, Raykov鈥檚 direct beneficial ownership stands at 55,878 shares; no derivative securities were involved and no other trades were disclosed.
The divestiture trims roughly 15 % of the director鈥檚 directly held position. While a 10b5-1 plan reduces the likelihood of informational timing, insider selling can still weigh on sentiment because it lowers management鈥檚 economic exposure. The filing contains no operational updates, guidance changes or earnings information.
Il 08/05/2025, il direttore di Fennec Pharmaceuticals (FENC), Rosty Raykov, ha presentato un Modulo 4 segnalando la vendita di 10.000 azioni ordinarie a 8,09 $ ciascuna. L'operazione 猫 stata eseguita nell'ambito di un piano predefinito secondo la Regola 10b5-1 datato 23/08/2024. Dopo la vendita, la posizione diretta di Raykov 猫 pari a 55.878 azioni; non sono stati coinvolti strumenti derivati e non sono state divulgate altre operazioni.
La cessione riduce di circa il 15% la quota detenuta direttamente dal direttore. Sebbene un piano 10b5-1 diminuisca la probabilit脿 di operazioni basate su informazioni privilegiate, la vendita da parte di un insider pu貌 comunque influenzare negativamente il sentiment poich茅 riduce l'esposizione economica del management. La comunicazione non contiene aggiornamenti operativi, modifiche alle previsioni o informazioni sugli utili.
El 08/05/2025, el director de Fennec Pharmaceuticals (FENC), Rosty Raykov, present贸 un Formulario 4 reportando la venta de 10,000 acciones comunes a $8.09 cada una. La transacci贸n se llev贸 a cabo bajo un plan preestablecido seg煤n la Regla 10b5-1 fechado el 23/08/2024. Tras la venta, la propiedad directa beneficiosa de Raykov asciende a 55,878 acciones; no se involucraron valores derivados ni se divulgaron otras operaciones.
La desinversi贸n reduce aproximadamente un 15 % de la posici贸n que el director posee directamente. Aunque un plan 10b5-1 disminuye la probabilidad de operaciones basadas en informaci贸n privilegiada, la venta por parte de un insider puede afectar el sentimiento porque reduce la exposici贸n econ贸mica de la gesti贸n. La presentaci贸n no contiene actualizaciones operativas, cambios en las previsiones ni informaci贸n sobre ganancias.
2025雲� 8鞗� 5鞚�, Fennec Pharmaceuticals(FENC)鞚� 鞚挫偓 Rosty Raykov臧� 臧侁皝 8.09雼煬鞐� 10,000欤� 氤错喌欤茧ゼ 毵る弰頄堧嫟電� 雮挫毄鞚� Form 4毳� 鞝滌稖頄堨姷雼堧嫟. 鞚� 瓯半灅電� 2024雲� 8鞗� 23鞚检瀽 靷爠 鞀轨澑霅� Rule 10b5-1 瓿勴殟鞐� 霐半澕 鞁ろ枆霅橃棃鞀惦媹雼�. 毵る弰 頉� Raykov鞚� 歆侅爲 鞁れ唽鞙� 欤检嫕 靾橂姅 55,878欤�鞚措┌, 韺岇儩靸來拡鞚� 韽暔霅橃 鞎婌晿瓿� 雼るジ 瓯半灅電� 瓿店皽霅橃 鞎婌晿鞀惦媹雼�.
鞚措矆 毵り皝鞚� 鞚挫偓臧� 歆侅爲 氤挫湢頃� 歆�攵勳潣 鞎� 15%毳� 欷勳澊電� 靺堨瀰雼堧嫟. 10b5-1 瓿勴殟鞚� 雮措秬 鞝曤炒 鞚挫毄 臧�電レ劚鞚� 欷勳澊歆�毵�, 雮措秬鞛� 毵る弰電� 瓴届榿歆勳潣 瓴届牅鞝� 雲胳稖鞚� 欷勳澊旮� 霑岆鞐� 韴瀽 鞁Μ鞐� 攵�鞝曥爜 鞓來枼鞚� 欷� 靾� 鞛堨姷雼堧嫟. 鞝滌稖 靹滊鞐愲姅 鞖挫榿 鞐呺嵃鞚错姼, 臧�鞚措摐霛检澑 氤�瓴�, 鞁れ爜 鞝曤炒臧� 韽暔霅橃柎 鞛堨 鞎婌姷雼堧嫟.
Le 08/05/2025, Rosty Raykov, directeur de Fennec Pharmaceuticals (FENC), a d茅pos茅 un Formulaire 4 signalant la vente de 10 000 actions ordinaires 脿 8,09 $ chacune. La transaction a 茅t茅 r茅alis茅e dans le cadre d鈥檜n plan pr茅茅tabli selon la r猫gle 10b5-1 dat茅e du 23/08/2024. Apr猫s la vente, la d茅tention directe b茅n茅ficiaire de Raykov s鈥櫭﹍猫ve 脿 55 878 actions ; aucun titre d茅riv茅 n鈥檃 茅t茅 impliqu茅 et aucune autre transaction n鈥檃 茅t茅 divulgu茅e.
Cette cession r茅duit d鈥檈nviron 15 % la position d茅tenue directement par le directeur. Bien qu鈥檜n plan 10b5-1 r茅duise la probabilit茅 d鈥檕p茅rations fond茅es sur des informations privil茅gi茅es, la vente par un initi茅 peut n茅anmoins peser sur le sentiment car elle diminue l鈥檈xposition 茅conomique de la direction. Le d茅p么t ne contient pas de mises 脿 jour op茅rationnelles, de modifications des pr茅visions ou d鈥檌nformations sur les r茅sultats.
Am 08.05.2025 reichte Rosty Raykov, Direktor von Fennec Pharmaceuticals (FENC), ein Formular 4 ein, in dem der Verkauf von 10.000 Stammaktien zu je 8,09 $ gemeldet wurde. Die Transaktion erfolgte im Rahmen eines vorab festgelegten Rule 10b5-1-Plans vom 23.08.2024. Nach dem Verkauf h盲lt Raykov direkt 55.878 Aktien; es waren keine Derivate beteiligt und keine weiteren Transaktionen wurden offengelegt.
Der Verkauf verringert die direkt gehaltene Position des Direktors um etwa 15 %. Obwohl ein 10b5-1-Plan die Wahrscheinlichkeit von Insiderhandel aufgrund von Informationsvorteilen verringert, kann der Insiderverkauf die Stimmung belasten, da er die wirtschaftliche Beteiligung des Managements reduziert. Die Einreichung enth盲lt keine operativen Updates, keine 脛nderungen der Prognosen oder Gewinninformationen.
- Sale executed under a Rule 10b5-1 plan, indicating pre-scheduled diversification rather than opportunistic trading.
- Director retains 55,878 shares, maintaining significant skin in the game and alignment with shareholders.
- Director sold 10,000 shares at $8.09, cutting direct stake by roughly 15 %, a potential bearish sentiment signal.
- No offsetting insider purchases were reported, leaving insider activity skewed toward selling.
Insights
TL;DR: Routine 10b5-1 sale; modestly negative optics but not fundamentally impactful.
The 10,000-share sale equates to about 15 % of Raykov鈥檚 direct holdings, a moderate reduction that slightly weakens the alignment signal yet leaves him with a meaningful stake. Because it was pre-scheduled, I view the impact on valuation as minimal. No derivatives were exercised, and the sale represents less than one day of FENC鈥檚 average trading volume, so liquidity effects should be limited. Overall, a neutral-to-slightly-negative sentiment marker rather than a catalyst.
TL;DR: Compliance appears clean; sale size small, governance risk unchanged.
The filing confirms adherence to Section 16 reporting timelines and the use of a 10b5-1 plan, both positive governance practices. The trade does not trigger ownership-level thresholds that might alter control dynamics. With 55,878 shares remaining, the director still has exposure to performance. I therefore classify the governance impact as neutral.
Il 08/05/2025, il direttore di Fennec Pharmaceuticals (FENC), Rosty Raykov, ha presentato un Modulo 4 segnalando la vendita di 10.000 azioni ordinarie a 8,09 $ ciascuna. L'operazione 猫 stata eseguita nell'ambito di un piano predefinito secondo la Regola 10b5-1 datato 23/08/2024. Dopo la vendita, la posizione diretta di Raykov 猫 pari a 55.878 azioni; non sono stati coinvolti strumenti derivati e non sono state divulgate altre operazioni.
La cessione riduce di circa il 15% la quota detenuta direttamente dal direttore. Sebbene un piano 10b5-1 diminuisca la probabilit脿 di operazioni basate su informazioni privilegiate, la vendita da parte di un insider pu貌 comunque influenzare negativamente il sentiment poich茅 riduce l'esposizione economica del management. La comunicazione non contiene aggiornamenti operativi, modifiche alle previsioni o informazioni sugli utili.
El 08/05/2025, el director de Fennec Pharmaceuticals (FENC), Rosty Raykov, present贸 un Formulario 4 reportando la venta de 10,000 acciones comunes a $8.09 cada una. La transacci贸n se llev贸 a cabo bajo un plan preestablecido seg煤n la Regla 10b5-1 fechado el 23/08/2024. Tras la venta, la propiedad directa beneficiosa de Raykov asciende a 55,878 acciones; no se involucraron valores derivados ni se divulgaron otras operaciones.
La desinversi贸n reduce aproximadamente un 15 % de la posici贸n que el director posee directamente. Aunque un plan 10b5-1 disminuye la probabilidad de operaciones basadas en informaci贸n privilegiada, la venta por parte de un insider puede afectar el sentimiento porque reduce la exposici贸n econ贸mica de la gesti贸n. La presentaci贸n no contiene actualizaciones operativas, cambios en las previsiones ni informaci贸n sobre ganancias.
2025雲� 8鞗� 5鞚�, Fennec Pharmaceuticals(FENC)鞚� 鞚挫偓 Rosty Raykov臧� 臧侁皝 8.09雼煬鞐� 10,000欤� 氤错喌欤茧ゼ 毵る弰頄堧嫟電� 雮挫毄鞚� Form 4毳� 鞝滌稖頄堨姷雼堧嫟. 鞚� 瓯半灅電� 2024雲� 8鞗� 23鞚检瀽 靷爠 鞀轨澑霅� Rule 10b5-1 瓿勴殟鞐� 霐半澕 鞁ろ枆霅橃棃鞀惦媹雼�. 毵る弰 頉� Raykov鞚� 歆侅爲 鞁れ唽鞙� 欤检嫕 靾橂姅 55,878欤�鞚措┌, 韺岇儩靸來拡鞚� 韽暔霅橃 鞎婌晿瓿� 雼るジ 瓯半灅電� 瓿店皽霅橃 鞎婌晿鞀惦媹雼�.
鞚措矆 毵り皝鞚� 鞚挫偓臧� 歆侅爲 氤挫湢頃� 歆�攵勳潣 鞎� 15%毳� 欷勳澊電� 靺堨瀰雼堧嫟. 10b5-1 瓿勴殟鞚� 雮措秬 鞝曤炒 鞚挫毄 臧�電レ劚鞚� 欷勳澊歆�毵�, 雮措秬鞛� 毵る弰電� 瓴届榿歆勳潣 瓴届牅鞝� 雲胳稖鞚� 欷勳澊旮� 霑岆鞐� 韴瀽 鞁Μ鞐� 攵�鞝曥爜 鞓來枼鞚� 欷� 靾� 鞛堨姷雼堧嫟. 鞝滌稖 靹滊鞐愲姅 鞖挫榿 鞐呺嵃鞚错姼, 臧�鞚措摐霛检澑 氤�瓴�, 鞁れ爜 鞝曤炒臧� 韽暔霅橃柎 鞛堨 鞎婌姷雼堧嫟.
Le 08/05/2025, Rosty Raykov, directeur de Fennec Pharmaceuticals (FENC), a d茅pos茅 un Formulaire 4 signalant la vente de 10 000 actions ordinaires 脿 8,09 $ chacune. La transaction a 茅t茅 r茅alis茅e dans le cadre d鈥檜n plan pr茅茅tabli selon la r猫gle 10b5-1 dat茅e du 23/08/2024. Apr猫s la vente, la d茅tention directe b茅n茅ficiaire de Raykov s鈥櫭﹍猫ve 脿 55 878 actions ; aucun titre d茅riv茅 n鈥檃 茅t茅 impliqu茅 et aucune autre transaction n鈥檃 茅t茅 divulgu茅e.
Cette cession r茅duit d鈥檈nviron 15 % la position d茅tenue directement par le directeur. Bien qu鈥檜n plan 10b5-1 r茅duise la probabilit茅 d鈥檕p茅rations fond茅es sur des informations privil茅gi茅es, la vente par un initi茅 peut n茅anmoins peser sur le sentiment car elle diminue l鈥檈xposition 茅conomique de la direction. Le d茅p么t ne contient pas de mises 脿 jour op茅rationnelles, de modifications des pr茅visions ou d鈥檌nformations sur les r茅sultats.
Am 08.05.2025 reichte Rosty Raykov, Direktor von Fennec Pharmaceuticals (FENC), ein Formular 4 ein, in dem der Verkauf von 10.000 Stammaktien zu je 8,09 $ gemeldet wurde. Die Transaktion erfolgte im Rahmen eines vorab festgelegten Rule 10b5-1-Plans vom 23.08.2024. Nach dem Verkauf h盲lt Raykov direkt 55.878 Aktien; es waren keine Derivate beteiligt und keine weiteren Transaktionen wurden offengelegt.
Der Verkauf verringert die direkt gehaltene Position des Direktors um etwa 15 %. Obwohl ein 10b5-1-Plan die Wahrscheinlichkeit von Insiderhandel aufgrund von Informationsvorteilen verringert, kann der Insiderverkauf die Stimmung belasten, da er die wirtschaftliche Beteiligung des Managements reduziert. Die Einreichung enth盲lt keine operativen Updates, keine 脛nderungen der Prognosen oder Gewinninformationen.
FAQ
What insider activity did FENC disclose on the latest Form 4?
Was the Fennec Pharmaceuticals insider sale made under a 10b5-1 plan?
How many FENC shares does Rosty Raykov still own after the sale?
Were any derivative securities exercised or disposed of in this filing?
Does this Form 4 filing include any other insider transactions?
Why is insider selling at FENC important to investors?
