Cordes Burkhard Otto 4

What Happened
Director Cordes Burkhard Otto made a series of open‑market purchases of Cosan American Depositary Shares (ADS) in May 2026, acquiring 159,000 ADS across four trades for a combined reported cost of $696,030. Trades reported:

• 05/18/2026 — 89,000 ADS @ $4.47 each = $397,830
• 05/26/2026 — 10,000 ADS @ $4.27 each = $42,700
• 05/26/2026 — 50,000 ADS @ $4.26 each = $213,000
• 05/26/2026 — 10,000 ADS @ $4.25 each = $42,500

These were purchases (transaction code P), which are acquisitions rather than sales.

Key Details

• Transaction dates and prices: see list above (05/18 and 05/26/2026).
• Total reported value: $696,030 for 159,000 ADS.
• ADS conversion: each ADS represents 4 common shares (F2) — 159,000 ADS = 636,000 common shares.
• Footnote: amounts stated in Brazilian reais (F1) per the filing.
• Shares owned after transaction: not provided in the excerpt supplied.
• Filing date: 2026‑06‑09; the trades occurred 05/18–05/26/2026 — the Form 4 was filed more than the typical 2 business days after the trades (appears late).

Context
Purchases by insiders are often watched by investors as a signal of confidence, but they do not prove future performance or management intent. Note the filing’s footnotes about currency (BRL) and ADS conversion; also note that the Form 4 filing date suggests a late filing, which can be relevant for regulatory and disclosure timeliness.