Transactions by insiders follow rigid internal guidelines to ensure that there is no perception of untoward dealings. This individual is listed as the CTO of Denselight (Subsidiary to Poet), not the COO. Sure, I'll grant you that he may have been aware of what was about to be disclosed but I'm also quite certain that he had approval from the higher ups to sell those shares and he likely provided a valid reason and they saw fit to approve. 

This event is not material, period.