GPG SC, LLC 4

What Happened

• Green Park & Golf Ventures II, LLC, a reported 10% owner of Mobia Medical, Inc. (MOBI), made an open‑market purchase of 33,333 common shares on 2026-05-11 at $15.00 per share for a total of $499,995. The Form 4 also reports many conversions and exercises of derivative securities (preferred shares, convertible notes, warrants) into common stock tied to the company’s offering/IPO process; many of those conversions/exercises are reported with no per‑share cash price (N/A) because they were converted under the instrument terms.
• Several large disposals of derivative securities (also reported as conversions) are listed on the same date; the filing shows a mix of acquisitions and disposals of converted shares and exercises, but cash proceeds/prices for those derivative conversions are not disclosed in this filing.

Key Details

• Transaction date: May 11, 2026 (reported on Form 4 filed June 29, 2026 — filing appears late relative to the typical 2‑business‑day Form 4 deadline).
• Purchase: 33,333 shares @ $15.00, total $499,995 (open market/private purchase, code P).
• Derivative activity: multiple conversions of Series B, D, F, E‑1 and E‑2 preferred stock and Convertible Notes into common stock immediately prior to the IPO (per footnotes F1 and F3); also reported exercises of in‑the‑money derivatives and warrant‑related conversions (see F7 for a warrant exercise price of $3.73744 where applicable).
• Ownership after transactions: not stated in the provided excerpt of this filing.
• Reporting structure: This Form 4 is the third of five filings covering related Green Park & Golf-affiliated entities and managers. Footnote F10 names Clay M. Heighten, MD, Carl D. Soderstrom and Gilbert G. Garcia II as managers of GPG Ventures II who may be deemed to beneficially own the reported securities.
• Late filing: The Form 4 shows a transaction date of 2026-05-11 but was filed 2026-06-29, indicating a delayed filing.

Context

• Conversions: Many entries reflect conversion of preferred shares, convertible notes or warrants into common stock immediately prior to the company’s IPO; such conversions often occur per contractual terms (conversion formulas or IPO triggers) and may not involve cash changing hands at a per‑share price reported on Form 4.
• 10% owner note: GPG Ventures II is an institutional/affiliate holder (not an individual executive). Manager names are disclosed for beneficial‑ownership purposes; these purchases/conversions are reported for related investment entities.
• No motive stated: Form 4s are disclosure documents — they show what happened but do not explain the holder’s intentions. Purchases can be interpreted as a stronger signal than routine conversions, but no speculation is made here.