Lind and Syrjälä have been on the selling side, so the probability of a share issue is likely elevated.
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And especially a directed issue. A public offering takes much more time and it might align poorly with Dekkers’ sales from an insider information perspective.
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Lind and Syrjälä’s sales really reek of a directed share issue. I wonder if a new major player has been found who would sink tens of millions into Faron? Hard to believe that we could buy much additional time through financing with only Lind and Syrjälä’s efforts if the price tag for the F2b/3 is €50M🤔
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I suppose it is possible that the shares have moved to indirect ownership, although after this period of silence, thoughts easily drift toward a sale.
From the perspective of taxation and the future, direct holdings might not be the best choice for Timo.
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Could it be Syrjälä’s way of saying that no more money is coming from here and it would be better to get the negotiations to the finish line? 
I will comment on Syrjälä’s sales after December 3, 2025, once better information is available. Right now, everything is based on guesswork. If the ownership had decreased significantly, an announcement would have already been made.
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Wouldn’t it be better to communicate something like that by picking up the phone rather than by selling cheap?
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So, based on @Donkey’s messages and other available information, we can summarize:
-Faron’s General Counsel Karvonen has sold his shares, but this has not been disclosed
-Syrjälä has sold nearly a million shares since the last flagging notification
-the newly appointed CFO sold a small batch of shares
-Lind has emptied his portfolio over the last six months
Fortunately, at least one investor group is buying despite the slight headwinds:
Next Tuesday, the price for HCM’s next loan installment will begin to be determined, and this time there are already two loans to be repaid. Approximately 800,000 shares will likely be issued this time to cover the repayments.
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Couldn’t we also add that oncologist Koivunen to this group of sellers? This doesn’t look good…
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Well, I personally start from the assumption that Syrjälä doesn’t have any better information than the rest of the market; he might have a gut feeling, of course, but wouldn’t, for example, an inquiry about participating in a directed share issue be information comparable to inside information, in which case selling might raise questions?
At the moment, the information about those sales is still quite sketchy; if they are not taken into account, the share of the top 100 owners increased according to the shareholders list (when taking into account the repayment to HCM and Faron’s own reduced share).
This speculation may certainly cause nervousness, but I lack the information that would allow me to say that things don’t look good. There are certainly uncertainties in the air, but uncertainty is nothing particularly new with this stock.
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