He would not have sold at such a low price if significant news was coming. It wasn't so he sold.

Good move on his part. What part of that don't you get. Let me guess, if it was you and you saw a big deal coming soon to ZEN, you would say " what the heck, I will sell now and miss the big runup". So what if he has 25k more shares than he did. He did not have to sell those other 125k shares but he did because no news was coming. Just a ten cent rise in price from where he sold would have been 12.5k thousands more money.