June 4, 2026

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Crexendo, Inc. (NASDAQ: CXDO), which has a market cap of approximately $297.57 million, disclosed that Director and 10% owner Steven G. Mihaylo sold approximately $17.1 million worth of company shares, according to a Form 4 filing with the U.S. Securities and Exchange Commission (SEC).
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The transactions included 1,141,965 shares sold on June 1 at $10.46 per share for approximately $11.9 million and 514,352 shares sold on June 2 at $10.18 per share for approximately $5.2 million.
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After the latest reported sale, Mihaylo owned 9,543,386 shares directly.
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Crexendo is a cloud communications company that provides unified communications, business phone systems, call center tools, and software solutions for enterprise and small-business customers.

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10% Owner Sale Above $17M Draws Attention

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The sale is notable because it exceeds typical insider-selling thresholds by a wide margin.
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Single insider sales above $1 million are generally worth reviewing, while sales above $5 million tend to draw greater investor attention. In this case, Mihaylo’s two-day sale totaled approximately $17.1 million.
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Relative to Crexendo’s $297.57 million market cap, the sale represents roughly 5.7% of the company’s market value.

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Selling Came After CXDO Traded Near Its 52-Week High

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The sale came while CXDO was trading near the upper end of its 52-week range.
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The stock’s 52-week range was shown at $5.13 to $11.23, while the reported sales occurred at average prices of $10.46 and $10.18. That places the transactions close to the stock’s recent high range.
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Large insider sales after a strong stock move can reflect profit-taking, liquidity planning, or portfolio management rather than a negative view of the company.

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Remaining Ownership Still Matters

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Mihaylo still reported more than 9.5 million shares owned directly after the latest sale.
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That means the filing shows a large reduction, but not a full exit. For insider-selling analysis, remaining ownership is important because it helps separate complete exits from partial liquidity events.

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Context: Planned Sale Lowers the Signal Strength

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The Form 4 filing indicates the transactions were made pursuant to a contract, instruction, or written plan intended to satisfy Rule 10b5-1 conditions.
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That lowers the signal strength compared with discretionary open-market selling.
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Still, the size of the transaction, the 10% owner status, and the sale’s scale relative to Crexendo’s market cap make the filing relevant for investors tracking ownership changes.

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The Bigger Picture: Major Holder Sales Require Context

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Large insider and major-holder sales become more meaningful when they exceed common dollar thresholds, occur after a major stock move, or represent a sizable percentage of the company’s market value.
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Platforms like LevelFields aggregate insider transactions alongside other market-moving events, helping investors identify when insider selling exceeds key thresholds and may signal a meaningful change in ownership behavior.