Depends on who exercised the shares and sold. If they were...

Depends on who exercised the shares and sold. If they were options exercised by Justin and/or David which then hit the market, the investor confidence would no doubt be questioning what is happening behind the scenes and why exactly they are cashing in. However, as previously stated by @kickit2me if it is infact the underwriters for the IPO then the sentiment doesn't really change. They have simply decided to cash in their cheque, get paid for their work with Nuheara and simply move on onto another entrant looking to IPO.