SINGH RAMAN 4

What Happened

• Raman Singh, a director of Liquidia Corp (LQDA), exercised 20,000 stock options at $4.86 ($97,200 total) and sold 20,000 common shares in an open-market transaction at a VWAP of $36.04 for approximately $720,828 on March 13, 2026. The Form 4 also reports a related derivative conversion/disposition of 20,000 shares at $0.00 (see footnotes).

Key Details

• Transaction date: March 13, 2026.
• Exercise: 20,000 options exercised at $4.86 per share (cost $97,200).
• Sale: 20,000 shares sold at a VWAP of $36.04 (range $36.01–$36.20) for ~ $720,828. The filer can provide a breakdown of trades by exact price on request (Footnote F3).
• Additional line: 20,000-share exercise/conversion reported as a $0.00 disposition (refer to footnotes F2/F1 for treatment).
• Ownership notes: The filing corrects the reporting of beneficial ownership (a prior Form 4 omitted a prior 7,500-share option exercise). It also notes 18,396 restricted stock units granted June 17, 2025, none vested as of this Form 4 (Footnote F1).
• Vesting: The option vested in monthly installments and became fully vested June 17, 2025 (Footnote F4).
• Timeliness: Filed March 17, 2026 for transactions on March 13, 2026 (filed within the SEC’s two-business-day window).

Context

• This was an exercise followed by a sale (a common "exercise-and-sell" or cashless-style sequence). Footnote F2 indicates the reported sale represents the subsequent disposition of shares underlying the option exercise. These actions are routine insider transactions for liquidity/tax or portfolio purposes and do not by themselves indicate company performance.