Fennec (FENC) Director Marco Brughera Exercises Options, Sells Shares

What Happened
Director Marco Maria Brughera exercised 15,545 stock options (transaction code M) on 2026-09-15 at an exercise price of $2.11 per share (cost $32,800) and sold the 15,545 shares in an open‑market sale (transaction code S) the same day at $10.29 per share for gross proceeds of $159,958. The filing also reports the exercised options being disposed (reported at $0), which reflects the option conversion. Footnotes indicate both the exercise and the sale were conducted pursuant to a 10b5‑1 plan adopted June 16, 2026.

Key Details

• Transaction date: 2026-09-15; Filing date: 2026-09-16 (appears timely).
• Exercise: 15,545 shares at $2.11 = $32,800 total (F1, F3).
• Sale: 15,545 shares at $10.29 = $159,958 total (F2).
• Net proceeds before taxes/fees: roughly $127,158 (sale proceeds minus exercise cost).
• Shares owned after transaction: not specified in this Form 4.
• Notable footnotes: trades were executed under a 10b5‑1 plan adopted June 16, 2026 (F1–F3).

Context

• This appears to be a cashless exercise where options were exercised and the resulting shares were promptly sold under a pre‑arranged 10b5‑1 plan; such planned transactions are typically scheduled in advance and do not necessarily signal a change in the insider’s view.
• Sales funded option exercise and generated net proceeds; for retail investors, preplanned option exercises followed by sales are often routine and less informative about near‑term company prospects than outright, unscheduled purchases.