Belanger-Martin Louis 4

What Happened Belanger‑Martin Louis, a Director of Graf Global Corp. (GRAF), executed a conversion on June 18, 2026: 30,000 Class B ordinary shares were converted into 30,000 Class A ordinary shares on a one‑for‑one basis. The Form 4 shows this as a derivative conversion (transaction code C) with $0 consideration — this was not a purchase or sale and generated no cash proceeds.

Key Details

• Transaction date: June 18, 2026. Filing/accession date: June 22, 2026 (filed 4 calendar days after the transaction; may be later than the 2-business‑day Form 4 window).
• Reported transactions: Conversion (C) — 30,000 Class B → 30,000 Class A (acquired), and corresponding 30,000 Class B disposed as a derivative conversion; price recorded as $0.00.
• Economic effect: +30,000 Class A shares / −30,000 Class B shares; net economic interest appears unchanged by the conversion.
• Footnotes: F1 — conversion elected by the reporting person on a one‑for‑one basis for no consideration. F2 — Class B shares are convertible into Class A one‑for‑one at the holder’s election (and automatically at an initial business combination), subject to anti‑dilution adjustments; no expiration date.
• Filing timeliness: The Form 4 was filed several days after the transaction; this may be outside the standard 2-business‑day reporting window.

Context This was an internal reclassification of share classes (a derivative conversion), not a market purchase or sale—such conversions typically do not signal a buy/sell preference by the insider. For retail investors, purchases are usually more informative about sentiment; conversions like this mainly affect share class composition and voting/transfer mechanics rather than the insider’s economic exposure.