Freenome (FRNM) 10% Owner Michael Altman Converts 2.07M Shares

What Happened

• Michael Seth Altman, listed as a 10% owner, reported conversion of derivative securities on July 20, 2026. The filing shows 2,066,250 shares marked as acquired and the same number marked as disposed under code (C) — a conversion of derivative securities. No price or cash value is reported (N/A).
• This conversion was effected in connection with Freenome’s business combination closing on July 20, 2026; under the transaction terms the issuer’s Class B Ordinary Shares converted into Class A Ordinary Shares and then into Common Stock on a one-for-one basis. This is an in-kind conversion, not an open-market purchase or sale.

Key Details

• Transaction date: July 20, 2026; Form 4 filed July 22, 2026 (filed within the typical two-business-day window).
• Transaction type/code: (C) — conversion of derivative securities. Price: N/A; no cash proceeds reported.
• Shares involved: 2,066,250 converted (reported as both acquired and disposed due to conversion bookkeeping).
• Shares owned after transaction: Not specified in the filing; the converted shares are held of record by Perceptive Capital Solutions Holdings (the Sponsor).
• Footnotes: F1 — conversion tied to the Business Combination closing (Class B → Class A → Common Stock). F2 — securities are held by the Sponsor; Altman and Adam Stone serve on the Sponsor’s board and may be deemed to share beneficial ownership of the Sponsor-held securities.

Context

• A conversion of derivative securities in a SPAC/business-combination closing is a structural change in share class, not a market trade. It does not necessarily indicate buying or selling intent by the insider.
• Because Altman is reported as a 10% owner and is on the Sponsor’s board, this filing reflects institutional/sponsor-level holdings and voting/investment discretion rather than routine executive open-market trading.