Greenlane (GNLN) CIO Ben Isenberg Exercises Warrants

What Happened

• Ben Isenberg, Chief Investment Officer of Greenlane Holdings (GNLN), exercised 30,000 Strategic Advisory warrant shares on June 1, 2026. The warrants carry an exercise price of $0.08 per share. Using the May 29, 2026 VWAP of $3.3854, the cashless exercise formula produced 29,291.0734 net shares; the issuer rounded up and issued 29,292 net shares.
• Due to an administrative error the issuer initially delivered all 30,000 shares. Before this Form 4 was filed, Isenberg returned 708 excess shares, which the issuer cancelled. No open-market sale occurred and the Reporting Person received no cash proceeds.

Key Details

• Transaction date: June 1, 2026. Report filed: September 10, 2026 (late filing).
• Reported transactions: M = exercise/conversion of derivative (30,000 shares at $0.08) and F = return/cancellation of 708 shares (reported as tax/exercise withholding).
• Net issued: 29,292 shares from the cashless exercise (based on $3.3854 VWAP). 708 shares were returned/cancelled to correct the issuance.
• Original warrant grant: Oct 23, 2025 Strategic Advisory Warrant for 520,833 shares at $0.01 pre-reverse-split; adjusted to 65,104 shares at $0.08 after a 1-for-8 reverse split effective April 6, 2026.
• No cash proceeds to the insider; the F-code disposition reflects the administrative correction, not an open-market sale.
• Shares owned after the transaction are not specified in the supplied filing data.

Context

• This was a cashless warrant exercise (derivative exercise), not a purchase on the open market. Cashless exercises typically convert intrinsic value into shares rather than generate direct cash to the insider.
• The filing was submitted more than two months after the transaction date; the report is therefore late (transactionTimeliness = 'L'), which is an SEC reporting/administrative issue but does not by itself indicate trading intent.