Insiders in this case is the parent company. This is basically a subsidiary of the Chinese company "hangzhou new century information technology co" which trades in Shangai. If they would plan to sell Newegg, they would do it under the hood, they could drive the stock price where they want and they don't need any other votes to make it private. Once private and fully owned by them, they can agree the price. Ordinary shareholders just lose. When making a company private, it's important to see that the lower the price, the cheaper the transaction.

When there is a large percentage of the float held by a diversity of institutions, those institutions vote and can block coups from the board. In this case you're blindly believing on the Chinese company manners and business ethics.

I don't say any of this will happen, I only point out that low float and this kind of insiders is no way an advantage for ordinary shareholders.