Batista de Lima Filho Pedro 4

What Happened

• Pedro Batista de Lima Filho, a director of AXIA Energia S.A. (AXIA3), executed multiple open-market transactions on July 1, 2026. He sold a total of 855,500 shares for aggregate proceeds of about $8.75M and purchased a total of 418,100 shares for about $4.28M, resulting in a net disposition of ~437,400 shares and net cash received of roughly $4.47M.
• Transactions included both equity and derivative securities (several entries are labeled as "Derivative"). Reported per-share amounts are weighted-average prices converted from BRL to USD in the filing.

Key Details

• Transaction date: 2026-07-01; Form 4 filed: 2026-07-06 (appears late; Form 4 is normally due within 2 business days).
• Sales (selected): 498,300 @ $10.23 = $5.10M; 174,900 @ $10.27 = $1.80M; 126,800 @ $10.22 = $1.30M; plus smaller derivative disposals at ~$10.05.
• Purchases (selected): 95,000 @ $10.24 = $972.8k; 172,100 @ $10.27 = $1.77M; 92,700 @ $10.27 = $952.0k; plus derivative purchases at ~$10.05.
• Shares owned after transaction: not disclosed in the provided excerpt of the filing.
• Notable footnotes: weighted-average prices were converted from BRL to USD using a Treasury exchange rate (footnotes F1, F3–F6, F9, F13–F14). Multiple footnotes (F2–F11) state Mr. Filho is a partner at Radar Gestora and that some reported holdings may be held by funds managed by Radar (Radar, Infrad, Maliko, Manuka, Tucurui, Xingo, etc.); each fund and Mr. Filho disclaim beneficial ownership except to the extent of pecuniary interest. Footnote F12 describes automatic conversion mechanics for certain PNC shares into common shares over future years.
• Filing timeliness: The Form 4 was filed five calendar days after the trades; this appears late relative to the two-business-day filing requirement and is flagged in the filing.

Context

• The net result is a material disposition (net sell) on the reported date. Purchases that occurred the same day reduce—but do not eliminate—the net sale. Retail investors typically view purchases by insiders as a stronger bullish signal than sales; here the activity shows both but is net selling.
• Derivative entries: the filing lists several transactions as derivatives. These may reflect conversions or transactions in derivative instruments (including PNC shares described in footnote F12); the filing does not identify them as option exercises or cashless sales specifically.
• No 10b5-1 plan, tax-withholding sale, or other trade-plan language is disclosed in the provided excerpt.