PolarityTE (NASDAQ:PTE) is off 5% postmarket after the disclosure that stockholder Dr. Denver Lough is offering up to 7.05M shares.
The company won't receive any proceeds from any sale of the shares.
Lough was previously chairman, chief executive officer and chief scientific officer starting Dec. 1, 2016. He resigned all offices with the company and from the board effective Aug. 26.
Lough and the company are currently in disagreement oer the whether he can accelerate vesting of his equity awards and extend the exercise period for his stock options, the filing notes.