Healthcare company Healthequity Inc (NASDAQ:HQY) announced on Monday, May 11 the closing of a public offering of 4,427,500 shares of common stock priced at $25.90 per share.

In the secondary public offering, HealthEquity as a company sold $23.4 million worth of common stock while stock holders of the company sold a total of 3,455,000 shares of the stock.

On the same day as the public offering closure, four HealthEquity corporate insiders sold a large amount of shares worth $116.84 million all together.

These insiders include HealthEquity Founder, Director, and Vice Chairman Stephen Neeleman who sold 7.57% of his shares for the amount of $2.98 million; Director Manu Rana who sold 29.89% of his shares for $29.95 million; Director Frank Medici who sold 7.3% of his shares for $27.96 million; and 10% owner Berkley Capital Investors, L.P who sold 7.31% of the firms shares worth $55.93 million.

Correspondingly, HQY shares have plummeted roughly 3% in trading so far today.

It is not yet clear if there is a consistent reason for the large amount of transactions.