GPG Healthcare Opportunities Fund, LLC 4

What Happened

• Green Park & Golf Ventures II, LLC (a 10% holder/manager for several affiliated GPG entities) reported multiple conversions of derivative securities into Mobia Medical (MOBI) common stock on 2026-05-11. The Form 4 lists 14 separate "Acquired (Conversion)" line items totaling 874,370 shares and 14 separate "Disposed (Conversion)" line items totaling 3,486,915 shares (all conversions; prices reported as N/A).
• Footnotes say these conversions include Series D, E‑1, E‑2 and F preferred shares that converted into common stock immediately prior to the company's IPO (F1), and convertible notes that automatically converted into common stock at the IPO under a defined conversion formula (F4). No cash prices or market-sale proceeds are reported on this filing.

Key Details

• Transaction date: May 11, 2026; Form filed: June 29, 2026 (appears late vs. the usual 2-business‑day filing requirement).
• Reported on this Form 4: 874,370 shares "Acquired" by conversion and 3,486,915 shares "Disposed" (conversion of derivative securities) — all marked as conversions/derivative transactions; per‑share prices shown as N/A.
• Shares owned after the transactions: not stated on this single filing; the disclosure is split across five Forms 4 that together report holdings for multiple related GPG entities and managers.
• Notable footnotes: F1–F4 describe automatic/pre‑IPO conversion of preferred stock and convertible notes; F9 explains GPG Ventures II is managing member of multiple entities and three managers (Clay M. Heighten, MD; Carl D. Soderstrom; Gilbert G. Garcia II) share voting/dispositive power and may be deemed beneficial owners.
• Filing timeliness: late filing (transaction May 11; Form filed June 29).

Context

• These entries reflect institutional conversions tied to the issuer's IPO (preferred shares and convertible notes converting into common stock). Conversions are corporate-capitalization events rather than open‑market buys or sales by an executive, so they do not directly signal manager trading sentiment.
• Because the disclosure covers many related entities and reporting persons (this is the first of five linked Forms 4), retail investors should view the report as part of a larger, aggregated conversion/ownership disclosure rather than a single insider trade.