Framework Ventures Management LLC 4/A

What Happened

• Framework Ventures IV L.P., a reported 10% owner of Stablecoin Development Corp (SDEV), acquired shares via two derivative-related transactions in October 2025: a conversion of a derivative security for 11,361,216 post‑split shares (10/21/2025) and recognition of 11,332,020 shares issued/issuable from pre‑funded warrants (10/16/2025). Both transactions show $0.00 per share (no cash paid).
• Combined post‑reverse‑split, these positions total 22,693,236 shares (11,361,216 + 11,332,020). The filing is an amendment reflecting a 1‑for‑5 reverse stock split and anti‑dilution adjustments to the pre‑funded warrants.

Key Details

• Transaction dates and codes: 10/16/2025 (P — purchase/derivative: 11,332,020 shares at $0.00); 10/21/2025 (C — conversion of derivative: 11,361,216 shares at $0.00).
• Shares owned/issuable after these adjustments: 11,361,216 (converted) + 11,332,020 (pre‑funded warrants exercisable) = 22,693,236 total, on a post‑reverse‑split basis.
• Important footnotes: F1 = numbers adjusted for a 1‑for‑5 reverse stock split effective Feb 20, 2026; F2 = anti‑dilution adjustments increased the pre‑funded warrant amount; F3 = the pre‑funded warrants have no expiration and are exercisable at any time.
• Filing status: This is an amended Form 4 filed Apr 30, 2026 covering transactions from Oct 16–21, 2025 — the amendment updates ownership post‑split and for warrant adjustments (i.e., the filing was amended/late).

Context

• These were derivative conversions and warrant-related acquisitions (not open-market cash purchases). Pre‑funded warrants commonly show $0 exercise consideration on the Form 4 when they were issued or adjusted pursuant to prior agreements.
• As a 10% institutional owner, Framework Ventures IV L.P.’s transactions reflect contractual and anti‑dilution mechanics rather than a routine executive buy/sell; do not read share issuance mechanics as a conventional open‑market bullish/sell signal.