Veradermics Inc (MANE) shares declined 4.8% on Monday after Montanova Capital disclosed the sale of 750,000 common shares, according to a Form 4 filing with the U.S. Securities and Exchange Commission.
The transactions, executed on August 19 and August 20, involved the sale of 690,601 shares and 59,399 shares at $107.25 per share. Montanova Capital, the investment manager for the Averill Master Fund and Averill Madison Master Fund, also acquired pre-funded warrants for 149,000 shares and 151,000 shares on August 20.
Following the sales, entities affiliated with Montanova Capital continue to hold 3,106,937 shares and 612,033 shares indirectly through the two funds. Aaron Cowen, identified as the controller of Montanova Capital, is listed as a beneficiary of the shares held by the funds, though he disclaims beneficial ownership beyond any indirect pecuniary interest.
David Friedman, Chief Executive Officer and Senior Analyst at Montanova Capital, serves on Veradermics' board of directors, linking the fund manager to the company's governance structure. The sales and warrant acquisitions were disclosed in the regulatory filing on Monday.
