Jacobs Ian Seth 4

What Happened
Ian Seth Jacobs, the issuer's former President, CEO, CFO, Director, Secretary and former 10% owner, voluntarily surrendered and cancelled 2,175,000 shares of Matternet common stock on May 22, 2026. The shares were cancelled for no consideration (reported price $0.00; total value $0). The surrender was a condition of the Agreement and Plan of Merger and Reorganization that closed on May 22, 2026; Jacobs resigned his officer and director positions upon closing.

Key Details

• Transaction date: May 22, 2026. Report filed: May 27, 2026.
• Transaction type/code: Other acquisition or disposition (Code J) — cancellation/surrender under merger terms.
• Price and value: $0.00 per share; total reported value $0.
• Shares cancelled: 2,175,000.
• Shares owned after transaction: not specified in the Form 4; the filing refers to the reporting person as a "former 10% owner" after the transaction.
• Footnote: The surrender/cancellation occurred pursuant to a stock cancellation agreement in connection with the Merger (see footnote F1).
• Timeliness: The filing was submitted five days after the transaction date; Form 4s are generally due within two business days, so this appears later than the standard reporting window.

Context
This was not an open-market sale or a purchase; it was an administrative cancellation of shares tied to a merger agreement, and the shares were cancelled for no consideration. Such cancellations reflect deal terms and governance outcomes of a corporate transaction rather than a straightforward insider buy/sell signal about near-term sentiment.