Mukunda Ram 4
4 · IGC Pharma, Inc. · Filed Jul 1, 2026
Research Summary
AI-generated summary of this filing
IGC Pharma CEO Mukunda Ram Receives 2.23M Shares
What Happened
Mukunda Ram, CEO and director of IGC Pharma (IGC), acquired 2,226,475 shares on 2026-06-30 through a grant/award/private placement. The shares were issued at $0.27 each for a total value of $601,148. This was an acquisition (not a sale) — the shares were issued in exchange for cancellation of $601,148 in debt the company owed to Mr. Ram.
Key Details
- Transaction date: 2026-06-30; filing date: 2026-07-01 (filed promptly).
- Price: $0.27 per share; Total value: $601,148.
- Shares acquired: 2,226,475 restricted shares.
- Shares owned after transaction: Not specified in the provided filing excerpt.
- Footnote: Shares were issued directly by the issuer in a private placement exempt from registration under Section 4(a)(2); they are restricted securities under Rule 144. The transaction was approved in advance by disinterested directors and the Audit Committee, with Mr. Ram recused (compliance with Rule 16b-3).
Context
This was a debt-for-equity exchange (company canceled outstanding indebtedness owed to the CEO in return for stock), not an open-market purchase or exercise/sale. Restricted shares limit immediate resale under Rule 144. Board and audit committee pre-approval and the CEO’s recusal are typical governance steps for related-party equity issuances.
Insider Transaction Report
- Award
Common Stock
[F1]2026-06-30$0.27/sh+2,226,475$601,148→ 6,875,563 total
Footnotes (1)
- [F1]Shares of common stock acquired directly from the Issuer in a private placement in exchange for cancellation of $601,148 of outstanding indebtedness owed by the Issuer to the Reporting Person. The shares were issued at $0.27 per share, are restricted securities within the meaning of Rule 144, and were issued in a transaction exempt from registration under Section 4(a)(2) of the Securities Act of 1933. The transaction was approved in advance by the disinterested directors and the Audit Committee, with the Reporting Person recused, for purposes of Rule 16b-3.