Lai Kwok Ho 4

What Happened

• Lai Kwok Ho, a director of DDC Enterprise Ltd (DDC), exercised warrants on March 20, 2026 and April 28, 2026. On each date he exercised 33,333 warrants at an exercise price of $0.16 per share.
• These were cashless (net) exercises: the March 20 exercise resulted in a net issuance of 31,838 Class A ordinary shares (reported value at $0.16 = $5,094) and the April 28 exercise resulted in a net issuance of 31,111 shares (reported value at $0.16 = $4,978). In aggregate he exercised 66,666 warrants and received 62,949 net shares.
• This is an exercise of derivative securities (warrants), not an open-market purchase or sale of shares.

Key Details

• Transaction dates & prices:
  • Mar 20, 2026: exercised 33,333 warrants at $0.16; net issued 31,838 shares (net value shown $5,094). Footnote F1 documents the cashless election.
  • Apr 28, 2026: exercised 33,333 warrants at $0.16; net issued 31,111 shares (net value shown $4,978). Footnote F2 documents the cashless election.
• Gross warrants exercised: 66,666; net shares received: 62,949.
• The filing shows corresponding "disposed" entries of 33,333 shares on each date — these represent shares surrendered as part of the cashless exercise to satisfy the exercise price.
• Shares owned after the transactions: not specified in the provided filing details.
• Filing date: Apr 30, 2026. The Mar 20 transaction was reported late (filed over a month later); the Apr 28 transaction was reported within the same filing (Apr 30), which is within the typical 2-business-day window.

Context

• Cashless exercise means the insider did not pay cash for the exercise price; instead a portion of the underlying shares was surrendered to cover the cost, leaving the net shares issued to the insider.
• Exercises themselves are neutral-to-mildly bullish signals (insider acquires shares), but because these were cashless exercises of warrants—rather than a cash purchase on the open market—they are often routine and may be primarily administrative. The filing is factual and does not indicate the insider’s motivation.