Galectin (GALT) 10% Owner Richard Uihlein Exercises Convertible Notes

What Happened

• Richard E. Uihlein, a reported 10% owner of Galectin Therapeutics, exercised/concluded conversions of Line of Credit Convertible Notes into common stock on July 31, 2026. He acquired 31,825,235 shares at $3.00 each (value $95,475,705) and 2,550,932 shares at $4.05 each (value $10,331,275), totaling 34,376,167 shares for about $105,806,980. These transactions are coded "M" (exercise/conversion of a derivative), i.e., converting debt instruments into equity — an acquisition rather than a sale. The Form 4 was filed on August 4, 2026 (timely).

Key Details

• Transaction dates/prices/amounts:
  • 2026-07-31: 31,825,235 shares @ $3.00 = $95,475,705 (footnote F1)
  • 2026-07-31: 2,550,932 shares @ $4.05 = $10,331,275 (footnote F2)
  • Aggregate: 34,376,167 shares for ~$105,806,980
• Footnotes of note:
  • F1: Represents $91,000,000 principal + $14,475,705 accrued interest.
  • F2: Represents $10,000,000 principal + $331,275 accrued interest.
  • F3: These were Line of Credit Convertible Notes issued on various dates; exercisable upon issuance when drawn and with a maturity date of June 30, 2027.
  • F4: The reporting person is president and director of the Ed Uihlein Family Foundation; he disclaims a pecuniary interest but shares voting/dispositive power for Section 13(d) purposes.
• Shares owned after transaction: not specified in the provided filing.
• Timeliness: Filed 2026-08-04 for transactions dated 2026-07-31 — within the Form 4 filing window (timely).

Context

• These were conversions of debt (convertible notes) into common stock, not open-market purchases. There is no indication the shares were sold immediately (no sale reported). As a 10% owner, Uihlein’s activity reflects a large-holder conversion of previously-issued financing instruments into equity; this is a change in capital structure rather than routine executive trading.