You began your own company and issued stock under an IPO $($initial public offering$).$ You remained on the board of directors. The company is now planning to acquire a rival, which will cause the company's stock price to dip. You want to sell your shares before the news becomes public.

You would be liable for insider trading.

You are not an insider, so there is no liability.

You are not liable because you do not have scienter.

This is not insider trading because the information was not from an insider.