$340M+ sell wave: whale moves May 29–Jun 2

This edition covers Form 4 filings disclosed Friday May 29 through Monday June 2 morning ET, a ~28.5-hour window that spans Memorial Day weekend. Because the SEC does not accept filings on Saturday or Sunday, only a handful of transactions carry a May 29 or May 31 filing date. The bulk of today's items are 20 trade-dated May 21–28 filings from Insider Monitor pages 2–3 that were not individually profiled in prior runs — they are new to this recap.

Total sell-side value across all items: approximately $340M+. Buy-side: approximately $21M+. The dominant theme is a broad CEO and executive sell wave concentrated in tech, semiconductors, and space.

The largest coordinated insider sell of the window came from Rocket Lab (RKLB — commercial launch vehicles and spacecraft systems). Four members of the senior management team sold a combined $31.77M across May 26–27. 1

All four are C-suite. Kampani split his sales across two days, selling 28,668 shares at $141.80 on May 26 and 70,000 shares at $147.20 on May 27; the price appreciation between the two tranches suggests execution under a rolling plan rather than a one-off block. Spice, Klein, and Clevenger each sold only on May 26 at the same $141.80 price, pointing to a coordinated single-day liquidity event for three of the four insiders.

Whether these sales operate under pre-filed Rule 10b5-1 plans is not stated in the Form 4s as reported by Insider Monitor. The concentration of four named executives in a two-day window is the notable pattern — a single executive selling is routine, four C-suite members in parallel is a cluster that readers monitoring RKLB should note.

The majority of this edition's sell-side volume came from executives at technology and semiconductor companies. These 12 positions span cloud software, power management, EDA tools, cybersecurity, and streaming — all traded near recent highs at time of filing.

ADI — Chair & CEO Roche sells $24.4M in two tranches. Vincent Roche, Chairman and CEO of Analog Devices (ADI — analog and mixed-signal semiconductors, ~$200B market cap), sold 30,000 shares at $397.15 on May 22 ($11.9M) and another 30,000 shares at $415.28 on May 26 ($12.5M), totaling $24.4M. 1 The rising execution price between the two tranches ($397 → $415) is consistent with a scheduled plan, though the filing does not confirm 10b5-1 status.

POWI — Director Balakrishnan sells $24.3M over eight days. Balu Balakrishnan, a director of Power Integrations (POWI — high-voltage power management ICs used in EV chargers, appliances, and industrial equipment, ~$5B market cap), sold across four trading sessions between May 21 and May 28, accumulating $24.25M: 1 2

The execution price climbed nearly 23% from first to last tranche. An eight-day, three-tier ladder with accelerating price and increasing lot size looks like an active plan filling into a rising stock.

IESC — 10% owner Tontine Capital exits $22.8M. Tontine Capital Overseas GP (a 10% owner of IES Holdings, IESC — electrical and infrastructure services) sold 2,055 shares at $703.07 on May 26 ($1.44M) and 30,310 shares at $706.06 on May 27 ($21.40M), for a two-day total of $22.8M. 1 3 The concentration of 94% of the total in a single session on May 27 distinguishes this from a scheduled trickle — it reads as a deliberate reduction by a large holder at prevailing prices.

MPWR — EVP & General Counsel Tseng sells $20.8M. Saria Tseng, EVP and General Counsel of Monolithic Power Systems (MPWR — power management semiconductors for AI servers and data centers), sold 5,000 shares at $1,586.43 on May 22 ($7.93M) and 7,565 shares at $1,700 on May 27 ($12.86M), totaling $20.8M. 1 4 MPWR's CEO separately filed a $59M sale earlier in the week (reported in the prior May 22 run); Tseng's transaction is a second significant exec-level exit in the same five-day span.

CDNS — CEO Devgan sells $19.2M in one day. Anirudh Devgan, President and CEO of Cadence Design Systems (CDNS — EDA software and hardware, used by every major chip designer), sold 51,887 shares at $370 on May 22 for $19.2M. 1 A single-day block of this size from a company CEO is a structurally notable transaction.

DDOG — CEO Pomel sells $18.8M. Olivier Pomel, co-founder and CEO of Datadog (DDOG — cloud observability and monitoring platform), sold 84,698 shares at $222.46 on May 26 for $18.8M. 1

SPOT — Co-founder Lorentzon sells $18.6M. Sven Martin Lorentzon, co-founder and Director of Spotify (SPOT), sold 35,380 shares at $525.73 on May 22 for $18.6M. 1 Lorentzon co-founded Spotify alongside Daniel Ek in 2006 and has remained on the board.

NET — Co-founder Zatlyn sells $18.4M across three sessions. Michelle Zatlyn, co-founder, President, and Board Co-Chair of Cloudflare (NET — network security and content delivery), sold in three consecutive tranches between May 22 and May 27: 1

Total: $18.4M. The price declined slightly across the three days while lot size stayed constant after the first tranche — consistent with a systematic plan.

Brief context on each: NESR (National Energy Services Reunited — oilfield services in the Middle East and North Africa) saw Al-nowais sell 699,888 shares across two dates. 1 ASX (ASE Technology Holding — the world's largest semiconductor packaging and testing company) saw Jeffrey Chen sell 9,000 shares per day over four consecutive sessions, with the execution price climbing from $538 to $653 as the week progressed. 1 PANW (Palo Alto Networks — cybersecurity platform, ~$180B market cap) saw CPO Lee Klarich sell 62,904 shares at $255.94. 1 AAPL Director Arthur Levinson (former CEO of Genentech, Apple long-serving board member) sold 50,000 shares at $311.02. 5 TTWO (Take-Two Interactive — publisher of the Grand Theft Auto and NBA 2K franchises) Chairman and CEO Strauss Zelnick sold 70,000 shares at $223.03. 5 TEM (Tempus AI — AI-driven precision medicine platform) CEO Eric Lefkofsky sold 166,250 shares at $46.53, first appearing on Insider Monitor's May 29 real-time report. 3

MP Materials (MP — the only vertically integrated rare-earth mining and processing company in the United States) saw Chairman and CEO James Litinsky sell across three consecutive days. 1 2

The May 29 tranche is one of the very few transactions with a trade date that falls inside the May 29–June 1 window. MP's strategic position in the U.S. rare-earth supply chain — relevant to EV motors, wind turbines, and defense applications — has kept the stock in focus. Litinsky selling across three days at $64–$67 range is not unusual for a founder reducing exposure; no public rationale has been provided.

Corpay (CPAY — enterprise payments, fleet cards, and cross-border transactions) produced a dual-layer filing set. 3

CEO and Chairman Ronald Clarke exercised options on 100,000 shares at $150.74 on May 28, a gross value of $15.07M. Option exercises do not carry the same directional signal as open-market sales — the strike price of $150.74 versus the then-prevailing market price of approximately $356 represents a gain capture, not necessarily a view on CPAY's forward direction.

Group President for Brazil & US Vehicle Payments Armando Lins Netto sold in three tranches across May 27–29 at $355–$357 for a combined $6.13M. The May 29 sale ($961,798) is a confirmed in-window transaction. The two events together represent $21.2M in total Form 4 activity at CPAY in a two-day span, with the open-market portion (Netto) carrying more signal weight than the option exercise.

The buy side is sparse against the volume on the sell side.

HLNE — Executive Co-Chairman Rogers buys $9.9M. Hartley R. Rogers, Executive Co-Chairman of Hamilton Lane (HLNE — one of the world's largest private markets investment managers, with approximately $900B in assets under supervision), purchased 110,000 shares at $90.21 in the open market on May 26, for $9,923,100. 6 Rogers added 932 more shares the following day at a similar price. This is the week's single largest confirmed open-market buy. An executive co-chair of a private-markets manager with ~$900B AUM buying nearly $10M of his own firm's stock in the open market is the type of insider-buy signal the channel tracks: it is discretionary, it is substantial relative to most peers in this batch, and it is HLNE-specific.

SLMT — CEO and insider each buy $5.7M simultaneously. Brera Holdings (SLMT — a sports and media holding company) saw CEO Ron Sade and insider Keren Kalima Maimon each purchase 1,149,000 shares at $4.97 on May 21, for $5,710,530 each — a synchronized $11.4M dual buy. 6 2 Two insiders making identical-size purchases on the same day typically reflect a coordinated commitment at the current price level. At $4.97/share, this is a low-absolute-price, large-share-count transaction at a micro-cap.

HTHT — Founder Ji Qi exercises 1M+ options on May 31. Ji Qi, founder of H World Group (HTHT — China's largest hotel operator, parent of Hanting, Ji Hotel, and Crystal Orange brands), exercised options on 1,005,670 shares at a $0 strike price on May 31. 7 This is the only transaction with a May 31 (Saturday) filing date in the current window. A $0 strike option exercise means the shares cost Qi nothing out-of-pocket. Whether he has retained these shares or subsequently sold them is not confirmed in the Form 4 as reported; if retained, it represents a net increase in his disclosed position. If paired with an unreported same-day or next-day sale, the signal reverses. Readers tracking HTHT should watch for any corresponding Form 4 sale filing.

NVTS — New Schedule 13D/A filed May 29. Navitas Semiconductor (NVTS — gallium nitride and silicon carbide power semiconductors for EV charging and AI server PSUs) added a Schedule 13D/A filed May 29 by a filer with CIK 0000921895, whose identity and content were not confirmed in this run. 8 Separately, three Form 4s (reporting date May 27) were also filed on May 29, and four Form 144 notices (proposed insider sales) were filed on May 28. The combination of a fresh 13D/A amendment alongside a Form 4 cluster and four planned-sale notices in a two-day period warrants attention — the 13D/A filer identity and any changed ownership threshold would materially affect interpretation.

RPAY — Forager publishes new stockholder letter, content unextractable. Forager Fund filed SC 13D/A on May 27 (accession no. 0001654954-26-005393) for Repay Holdings (RPAY — payment processing for vertical markets such as auto lending and healthcare), attaching a "Letter to Stockholders" as EX-99.4. 9 The letter is embedded entirely as three JPG image files (total ~558 KB). The HTML wrapper contains no readable text. RPAY's board rejected Forager's $4.80/share acquisition bid on May 4; a competing proxy card (DEFC14A) has been on file since May 11. No company response to the May 27 letter has been filed as of June 1. Readers following this proxy contest should access the filing directly on SEC EDGAR to view the letter images.

HUBC — Walden conversion window runs to ~June 6, no 13D filed. Hub Cyber Security (HUBC — cybersecurity hardware for critical infrastructure, trading near $0.106) saw three Schedule 13G/A filings in the window (May 27–28) but no conversion to Schedule 13D. 10 Walden's May 27 filing listed Item 10 as N/A — an anomaly that can indicate a filer may not qualify for passive-investor status. The 10-day window to convert to 13D expires approximately June 6. HUBC's Nasdaq compliance deadline for its outstanding 20-F filing remains July 17.

BHR — Proxy contest frozen, no annual meeting set. Braemar Hotels & Resorts (BHR — hotel REIT) filed nothing new in the window. 11 The status as of June 1: activist investor Al Shams (approximately 9.55% holder) filed his competing proxy card (DFAN14A) on May 22 and has been silent since. The board's last move was appointing Ashford Inc. COO Eric Batis as director (8-K, May 28) after accepting the resignations of directors Carter and Musser. No DEF 14A, no annual meeting date, no ISS or Glass Lewis recommendation. The contest remains in a holding pattern with no announced catalyst.

NNDM — DEFA14A and 8-Ks filed, EGM date still unset. Nano Dimension (NNDM — 3D printing and advanced electronics manufacturing) filed two 8-Ks (items 7.01 and 8.01) and one DEFA14A between May 26 and May 27 in response to activist pressure from Murchinson (approximately 7.4% holder). 12 No extraordinary general meeting date has been set. Murchinson filed its last 13D/A on May 21 and has made no further moves. The MarkForged subsidiary sale to Stratasys for $42.5M (8-K May 27) is the only material corporate action completed this cycle. The absence of an EGM date and continued silence from Murchinson suggest the contest may be entering a slower-moving negotiation phase.

Across the 15 sell-side Form 4 items in this edition, three sectors account for the majority of the dollar volume: semiconductors and power management (ADI, POWI, MPWR, ASX, PANW — combined ~$100M), cloud software and infrastructure (DDOG, NET, CDNS — ~$56M), and enterprise-facing companies with a founder or long-tenure CEO (SPOT, TTWO, AAPL director — ~$50M). The space sector (RKLB) produced the largest single cluster at $31.8M.

The common thread is not distress — all of these companies were trading near recent highs at the time of filing. The observable fact is that named insiders with large, liquid positions reduced exposure in a week when their respective stocks were performing well. Whether that represents scheduled liquidations, tax planning, or discretionary timing cannot be read from the Form 4s alone. What is actionable: the Rocket Lab cluster (four C-suite in two days) and the IESC 10% owner concentration (94% in one session) are the two most structurally concentrated exits worth flagging for readers who hold or track those names.