Yu Yongkang 4

What Happened
Yu Yongkang (PAO) exercised warrants in two transactions: on March 20, 2026 he exercised 100,000 warrants (resulting in a net issuance of 95,516 Class A shares) and on April 28, 2026 he exercised 300,000 warrants (resulting in a net issuance of 280,000 Class A shares). The stated exercise price was $0.16 per share. These were cashless exercises (warrants surrendered to cover the exercise cost), so the filing shows net shares issued rather than open-market purchases.

Key Details

• Transaction dates and price: Mar 20, 2026 and Apr 28, 2026; exercise price $0.16 per share.
• Warrants exercised: 100,000 (Mar 20) and 300,000 (Apr 28). Net shares issued: 95,516 and 280,000 respectively (total 375,516 shares).
• Reporting entries: Form lists both the acquired net shares and the surrendered derivative interests. Derivative exercise code (X) used.
• Footnotes: F1 and F2 confirm each exercise was a cashless exercise resulting in the net share issuances described.
• Filing timeliness: The Mar 20 transaction was included in the Apr 30 filing and appears to have been reported late; the Apr 28 exercise was reported within two business days (filed Apr 30).

Context
A cashless exercise means the insider surrendered some or all of the warrants to cover the exercise consideration and received a net number of shares — this is different from an open-market purchase or sale. For retail investors, exercises like this increase insider-held common shares but do not necessarily signal a buy or sell intent in the open market. This filing does not indicate a 10% owner status or any 10b5‑1 plan; motivations are not stated.