ONE Nuclear (ONEN) President Thomas Hennessy Exercises/Converts Derivatives

What Happened

• Thomas D. Hennessy, President, COO and director (and a reported 10% owner via Sponsor), reported multiple exercise/conversion (code M) transactions on 2026-09-23 tied to the company’s business combination and domestication.
• The filing shows three "acquired" derivative conversions totaling 5,994,999 shares (750,000; 5,203,333; 41,666) with price listed as N/A, and three corresponding "disposed" derivative entries totaling 6,453,333 shares (750,000; 5,203,333; 500,000) with $0.00 consideration. The $0.00 / N/A prices reflect corporate reclassification in connection with the merger/domestication rather than a market cash sale or purchase.

Key Details

• Transaction date: 2026-09-23 (Period of Report: 2026-09-23).
• Transaction type: M = exercise or conversion of derivatives (reflecting conversions/surrenders tied to the Merger Agreement and Domestication).
• Shares acquired (per filing): 750,000; 5,203,333; 41,666 — total 5,994,999.
• Shares disposed (per filing): 750,000; 5,203,333; 500,000 — total 6,453,333; consideration shown as $0.00 for disposed items.
• Shares owned after transaction: not specified in this Form 4 (Sponsor is the record holder; Hennessy may be deemed beneficial owner via Sponsor).
• Notable footnotes: transactions arise from the Merger Agreement, Sponsor Share Conversion, Domestication, and automatic conversions/surrenders of rights (see F1–F7). Mr. Hennessy disclaims beneficial ownership of securities held solely by Sponsor where he has no pecuniary interest.
• Filing timeliness: filed with a reporting date equal to the transaction date; no late filing indicated in the submission.

Context

• These entries reflect corporate reclassification and the mechanics of the business combination (Sponsor conversions, domestication, and rights exchanges), not a straightforward open-market buy or sell. When derivative conversions show $0 consideration or N/A prices in a merger, they usually represent conversion/surrender events rather than a cash transaction.
• Mr. Hennessy is an officer and part of the Sponsor structure; Sponsor and Hennessy Capital Group LLC file separate Section 16 reports. Retail investors should view this as reorganization-related reporting rather than an independent bullish or bearish trade by the insider.