AutoInfo, Inc. (OTC:AUTO) operates through Sunteck Transport Group, a non-asset logistics and freight management provider. The company stock is generally illiquid so yesterday’s session stood out.
AUTO closed up 4.84% at $0.65 with a volume of a little over 4.1 million shares.
The most recent number for the outstanding shares of AUTO is approximately 34 million shares. The volume is more than 10% and part of the explanation for it came in a Form 4 filed with the SEC yesterday.[BANNER]
Investors Management Corporation (IMC) reported selling 4,094,884 AUTO shares, which represented its whole investment in the company. The form also shows that the price at which the shares were sold was $0.55.
The company itself hasn’t released any news since late September.
Its not clear why IMC chose to dispose of all its AUTO shares, or who bought them, but a 10% owner selling out is an important event.
