Madsbjerg Christian 4

What Happened

• Director Christian Madsbjerg exercised stock options on Feb 6, 2026 to acquire 43,180 common shares: 11,578 shares at $0.52 ($6,021) and 31,602 shares at $0.65 ($20,541), for a total cash outlay of about $26,562. The option interests (derivatives) were terminated upon exercise.

Key Details

• Transaction date: February 6, 2026 (Form 4 filed Feb 10, 2026 — timely).
• Transaction code: M (exercise/conversion of derivative).
• Common shares acquired: 11,578 @ $0.52 and 31,602 @ $0.65 (total 43,180); total cash paid ≈ $26,562.
• Special Shares issued: As part of the exercises, Madsbjerg received Class A–H Special Shares (no additional cash). Aggregate Special Shares received: 941 (A), 1,884 (B), 1,884 (C), 3,768 (D), 3,768 (E), 3,768 (F), 4,710 (G), 4,710 (H).
• Special Shares convert 1:1 into common shares if the common share price meets specified thresholds over a required trading window (A $15; B $25; C $35; D $50; E $75; F $100; G $150; H $200) or upon certain change-of-control events.
• Exercise deadlines/vesting: The 31,602-share option tranche has an exercise deadline of March 5, 2026; some options vest on milestones and have limited post-vesting exercise windows per the footnotes.
• Shares owned after transaction: Not specified in the Form 4 filing.

Context

• This was a cash exercise (the reporting person paid exercise prices), not an immediate sale — i.e., not a cashless disposition. The filing shows the underlying derivative interests were converted/terminated upon exercise.
• Special Shares are contingent instruments that only convert to common stock if price thresholds are met (they are not immediately tradable common shares).
• The monetary amount involved is modest (~$26.6k), so while it signals the director exercised vested option rights, it is a routine insider exercise rather than a large-value buy or sell.