Pulsar Helium Inc (AIM:PLSR, TSX-V:PLSR, OTCQB:PSRHF) shares tumbled 14% to 38.9p on Tuesday after a large block of stock was sold by a company linked to one of its directors.
The helium exploration group said ABCrescent Cooperatief UA (ABC), a firm managed by Pulsar director Brice Laurent, disposed of 8.2 million shares at 0.38p each, raising roughly £3.1 million.
The sale represented a significant portion of the company’s traded volume for the day and unsettled investors, pushing the share price lower.
Following the sale, ABC retains control over about 7.3 million Pulsar shares, or 4.8% of the issued capital, along with 15.5 million warrants. If those warrants are exercised in full, its total holding would rise to nearly 13.7%.
Laurent, who serves as a managing partner at ABC, also personally owns 17,570 Pulsar shares and holds 450,000 stock options under the company’s incentive plan.
Pulsar, which is listed in London, Toronto, and on the U.S. OTCQB market, is developing helium projects in North America.
The company has not issued a separate statement about the sale, which appears to be a private transaction rather than part of a broader fundraising.