Hsieh Ming 4
4 · Fulgent Genetics, Inc. · Filed Mar 11, 2026
Research Summary
AI-generated summary of this filing
Fulgent Genetics (FLGT) CEO Ming Hsieh Cancels Prepaid Forward for 750K Shares
What Happened Ming Hsieh, chairman and CEO of Fulgent Genetics (FLGT), reported a derivative transaction on March 9, 2026: the Hsieh Trust cancelled a prepaid variable forward agreement that previously covered 750,000 shares. The cancellation required the Hsieh Trust to pay the counterparty bank $10,708,875. The Form 4 shows the action as an “other disposition” (code J) of 750,000 derivative shares, but this was a contractual cancellation/payment rather than an open‑market sale of the underlying shares.
Key Details
- Transaction date: 2026-03-09; Form 4 filed 2026-03-11 (timely within the 2‑business‑day window).
- Shares affected: 750,000 common shares previously subject to a prepaid forward agreement (no per‑share trading price; payment was $10,708,875 total).
- After the payment and cancellation the 750,000 shares are no longer pledged to the bank and remain held by the Hsieh Trust (no change in beneficial ownership reported).
- Relevant footnotes: F5 describes the original Aug 21, 2023 prepaid variable forward; F6 describes the March 9, 2026 cancellation and payment. F1–F4 describe various trusts/UTMA accounts and Mr. Hsieh’s trustee/custodial roles and voting/dispositive powers.
- Transaction code: J (other acquisition or disposition) — indicates a non‑standard derivative action rather than a market sale or purchase.
Context A prepaid variable forward is a contractual arrangement (not a direct sale) that can obligate the holder to deliver shares or cash later; cancelling it typically requires a cash payment to the counterparty and releases the underlying shares from the pledge. Because this was a contract termination, it does not necessarily signal a market sell by the insider — the shares remain beneficially held by the Hsieh Trust but are now unencumbered.
Insider Transaction Report
- OtherSwap
Forward sale contract (obligation to sell)
[F5][F6][F1]2026-03-09−750,000→ 0 total(indirect: By Trust)→ Common Stock (750,000 underlying)
- 900,634
Common Stock
- 7,895,115(indirect: By Trust)
Common Stock
[F1] - 220,816(indirect: By Trust)
Common Stock
[F2] - 1,000(indirect: Uniform Transfer to Minor Account)
Common Stock
[F3] - 1,000(indirect: By Immediate Family)
Common Stock
[F4]
Footnotes (6)
- [F1]Securities held by The Ming Hsieh Trust (the "Hsieh Trust"). Mr. Hsieh is the trustee of the Hsieh Trust and possesses the sole voting and dispositive power with respect to securities held by the Hsieh Trust.
- [F2]Securities held by the Dynasty Trust. Mr. Hsieh is the grantor of the Dynasty Trust and he and his spouse, Eva Hsieh, and Jian Xie serve on the investment committee of the Dynasty Trust. Mr. Hsieh disclaims any beneficial interest except with respect to any pecuniary interest therein.
- [F3]Shares held in a Uniform Transfers to Minor Act account for which Ming Hsieh acts as custodian and possesses the sole voting and dispositive power.
- [F4]Shares, which were previously held in a Uniform Transfers to Minor Act account, now held by an immediate family member residing in the same household as Ming Hsieh.
- [F5]Previously, on August 21, 2023, the Hsieh Trust entered into a prepaid variable forward agreement (the "2023 Agreement") with an unaffiliated bank (the "Bank"). The 2023 Agreement obligated the Hsieh Trust to deliver up to 750,000 shares of the issuer's common stock, $0.0001 par value per share ("Common Stock") (or, at the Hsieh Trust's election, an equivalent amount of cash) to settle the 2023 Agreement.
- [F6]On March 9, 2026, the Hsieh Trust elected to cancel the 2023 Agreement with respect to all 750,000 shares. In connection with the cancellation, the Hsieh Trust paid an aggregate of $10,708,875 to the Bank. Following the payment and cancellation described above, the 750,000 shares held by the reporting person that were previously subject to the prepaid forward contract are no longer pledged to the Bank.