BigBear.ai Holdings (NYSE: BBAI) shares fell more than 3% in pre-market trading today as major stakeholder AE Industrial Partners offloaded a substantial portion of its holdings.
On April 8, AE Industrial Partners Fund II, LP, and its affiliates sold 27,430,402 shares of BigBear.ai common stock at $2.86 per share, totaling approximately $78.5 million. Following the sale, AE Industrial Partners’ ownership in BigBear.ai dropped to 197,614 shares.
Several entities associated with AE Industrial Partners, including AE Industrial Partners Fund II-A, LP, AE Industrial Partners Fund II-B, LP, and Pangiam Ultimate Holdings, LLC, executed the sale. Michael R. Greene and David H. Rowe, who manage these entities, maintain voting and dispositive power over the shares.
The transaction signals a notable change in BigBear.ai’s ownership structure as AE Industrial Partners reduced its stake in the company. This sale is part of the firm’s broader strategy of managing its technology sector portfolio.
The development comes amid ongoing financial reporting issues for BigBear.ai. The company recently announced a delay in filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing a reevaluation of its convertible notes accounting, which will require restating past financial statements.
Despite the insider selling and regulatory delay, investor sentiment remained strong. BigBear.ai (NYSE: BBAI) stock closed at $3.10, well within its volatile 52-week range of $1.17 to $10.36.
The company now holds a market capitalization of $895.92 million and has posted a 101.30% gain over the past six months.
