Framework Ventures Management LLC 4

What Happened
Framework Ventures IV L.P. (reported as a 10% owner) exercised a pre-funded warrant to acquire 11,332,020 shares of Stablecoin Development Corp (SDEV). The exercise price was $0.002385 per share, but the exercise was completed on a cashless basis: 24,720 shares were withheld to cover the exercise cost and the reporting person received 11,307,300 shares net. Separately, 24,720 shares were sold in an open-market/private sale at $1.09 per share for proceeds of $26,945.

Key Details

• Transaction date(s): Reported period 2026-06-15 (footnote states the exercise occurred on June 16, 2026); Form 4 filed 2026-06-17.
• Transactions reported: X (exercise of derivative) — 11,332,020 shares (pre-funded warrant); S (sale) — 24,720 shares sold at $1.09 for $26,945.
• Exercise economics: $0.002385 per share exercise price; cashless withholding of 24,720 shares to pay exercise price, net issuance of 11,307,300 shares.
• Shares owned after transaction: The Form 4 extract provided does not disclose total post-transaction ownership amount (beyond the net shares issued).
• Footnotes/remarks: Footnote F1 describes the cashless pre-funded warrant exercise and withholding. Exhibit 99.1 (Joint Filing Agreement) is referenced.
• Timeliness: Form 4 was filed on 2026-06-17 for mid-June transactions — no late filing flag noted.

Context
This was an institutional (10% owner) exercise of a pre-funded warrant, not an executive open-market buy. The exercise was effectively cashless: a small number of shares were withheld/sold to cover the exercise price rather than a cash outlay. For retail investors, exercises followed by only withholding/small sales are often routine mechanics of warrant conversions and do not by themselves indicate management sentiment.