Galera (GRTX) Director Michael Friedman Converts Series B into ~2.99M Shares

What Happened

• Michael R. Friedman, a Galera Therapeutics (GRTX) director, had Series B Non‑Voting Convertible Preferred Stock mandatorily converted into common stock on May 15, 2026, resulting in 2,989,399 shares of Galera common stock being issued to him (conversion of derivative security). The filing shows related derivative-line entries recorded at $0.00 (no cash proceeds).
• On August 3, 2026, 41,631 shares (plus a separate 480-share derivative line) were reported as disposed “to the issuer” in connection with the mergers described in the filing; at the Galera merger effective time each Galera share was exchanged for 0.7019 shares of Parent common stock.

Key Details

• Transaction dates: May 15, 2026 (mandatory conversion of Series B preferred into common); Aug 3, 2026 (disposition to issuer in connection with the merger).
• Shares involved: 2,989,399 shares acquired via conversion (May 15); 41,631 shares disposed to issuer (Aug 3); an additional 480-share derivative disposition reported Aug 3. Some derivative-line amounts are reported at $0.00 (no cash).
• Price/value: Conversion reported as $0.00 for derivative lines — this was an in‑kind conversion, not an open‑market sale.
• Account: Securities are held in Equity Trust Company, Custodian FBO Michael Friedman Roth IRA (per footnote).
• Reverse split adjustment: All share numbers have been adjusted to reflect Galera’s 1‑for‑200 reverse stock split effective July 12, 2026 (per footnote).
• Merger treatment: Under the Merger Agreement, at the Galera effective time (Aug 3) each Galera common share (excluding appraisal shares) converted into 0.7019 shares of Parent common stock; in‑the‑money options were converted and net‑settled per the agreement.

Context

• This filing mainly reports a corporate-driven, non‑cash mandatory conversion of preferred shares into common stock and subsequent treatment in the company’s merger (i.e., shares were exchanged into Parent stock at the merger effective time). These kinds of conversions and merger exchanges are corporate actions rather than routine insider buy/sell decisions and do not by themselves indicate the insider’s market sentiment.