Is Chamath Palihapitiya Giving Up on PROK Stock?
Shares of $ProKidney(PROK.US$ are in the green today, despite recent sales from special purpose acquisition company (SPAC) sponsor Chamath Palihapitiya. Back in July of 2022, ProKidney agreed to merge with Social Capital Suvretta Holdings Corp III in a business combination valued at $2.64 billion. Since then, shares of PROK stock have plummeted by about 70%. Since the beginning of the year, PROK has fallen by about 59%.
Meanwhile, Palihapitiya recently unloaded a large chunk of the chronic kidney disease (CKD) treatment company. Between Oct. 11 and 13, he sold off 486,863 shares at average per share prices ranging between $2.63 and $3.84. These shares were sold through Social Capital (SC) PIPE Holding, which is owned by Palihapitiya. On the bright side, Palihapitya still owns 13.80 million shares following the sale through Social Capital PIPE Holdings, SC Master Holdings, and a family trust.
This wasn’t Palihapitiya’s only sale this month. Between Oct. 5 and 10, he sold 277,621 shares at average per share prices between $4.20 and $4.76. Before that, he sold 1.7 million shares at an average per share price of $5.47 on Sept. 19.
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