Vu Thomas Theodore 4

What Happened

• Director Vu Thomas Theodore converted 30,000 Class B Ordinary Shares into 30,000 Class A Ordinary Shares on June 8, 2026. The conversion was one-for-one, for no consideration, so no cash was paid or received; the filing records the derivative conversion (acquired 30,000 Class A) and the corresponding disposition of 30,000 Class B (price listed as $0.00).

Key Details

• Transaction date: June 8, 2026. Filing date: June 15, 2026 (filed 7 days after the transaction).
• Reported prices/values: conversion is non-cash — acquisition price N/A and disposition price $0.00 per the filing.
• Shares owned after transaction: not specified in the provided filing information.
• Footnote: Under the issuer’s Amended and Restated Memorandum and Articles, Class B shares are convertible into Class A on a one-for-one basis, for no additional consideration, with no expiration date.
• Timeliness: The Form 4 was filed a week after the transaction, which is later than the typical Section 16 reporting window (usually within 2 business days); the filing flags this as late.

Context

• This was a non-cash conversion of share class (a derivative conversion), not an open-market buy or sale — it does not indicate proceeds or a market bet by the insider.
• Conversions like this are often mechanical (per the company charter) and should be read differently than purchases or sales; they don't necessarily signal bullish or bearish views.