Baranes Yakov 4

What Happened

• Yakov Baranes, Co-CEO of Quantum X Labs (QXL), exercised a pre-funded warrant on May 31, 2026 to acquire 246,387 shares of common stock. The exercise is reported with an exercise price of $0.00 and an aggregate consideration reported as $25. The filing shows the related derivative (the pre-funded warrant) was surrendered/converted in the same transaction.

Key Details

• Transaction date: 2026-05-31
• Shares acquired: 246,387 common shares (via exercise of a pre-funded warrant)
• Price/consideration reported: exercise price $0.00; aggregate consideration $25
• Related disposition: 246,387 derivative units (the pre-funded warrant) were surrendered/converted as part of the exercise
• Footnotes: F1 — exercise was paid on a cashless basis and did not result in withholding of any shares; F2 — the pre-funded warrants do not expire until fully exercised
• Shares owned after the transaction: not specified in the provided filing
• Filing timeliness: Form 4 was filed 2026-06-01 for a 2026-05-31 transaction (appears to be timely)

Context

• This was an exercise of a pre-funded warrant (a derivative), not an open-market purchase or sale. The cashless exercise means Baranes did not pay cash at closing and did not have shares withheld for taxes; the derivative instrument was surrendered in exchange for the issued shares. Such exercises convert a contractual right into actual shares and are different from an outright market buy or sell.