On Tuesday, Cava Group shares saw an 8% decline in premarket trading.
The drop comes after filings revealed that the Mediterranean restaurant chain's largest individual shareholder and a group of executives intend to sell a significant number of shares. Artal International S.C.A., the principal shareholder, has registered to sell 6 million shares.
The filings also disclosed that several Cava Group executives are preparing to offload shares. CEO Brett Schulman is set to sell 201,504 shares, while CFO Tricia Tolivar and a trust associated with board member David Bosserman each plan to dispose of 5,000 shares.
Moreover, board member James White has filed to sell 1,500 shares, and Chief Concept Officer and Co-Founder Theodoros Xenohristos is looking to sell 98,490 shares.
Prior to this development, Cava Group's stock had been on an upward trajectory, closing Monday with a 3.1% gain, reaching a new record high. The company's shares have seen a sharp increase this year, with a 193% rise through Monday's close.
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