Regan Andrew 4

What Happened
Andrew Regan, CEO of CDT Equity Inc. (CDT), is listed on a Form 4 showing two main actions: a May 13, 2026 open‑market purchase of 100,000 shares at $1.90 each (total cash $190,000), and a March 24, 2026 conversion/cashless exercise of 147,401 pre‑funded warrants resulting in 147,401 shares. The filing also reports a 147,401 share grant/award entry dated March 24 tied to that conversion. Share and price figures are adjusted for a 1‑for‑25 reverse split effected March 26, 2026.

Key Details

• Transactions:
  • Mar 24, 2026: Conversion of pre‑funded warrants → 147,401 shares (cashless exercise; reported as derivative conversion).
  • Mar 24, 2026: Corresponding grant/award entry for 147,401 shares (price N/A).
  • May 13, 2026: Open‑market purchase of 100,000 shares at $1.90 ($190,000 total).
• Filing: Form 4 filed May 14, 2026. The May 13 purchase was reported promptly (filed next day); the Mar 24 conversion/grant entries appear in this May 14 filing (over six weeks later), which suggests the March 24 transactions were reported later than the usual 2‑business‑day Form 4 window.
• Ownership/record holders: The March 24 shares are owned of record by Corvus Capital Limited; the 100,000 shares purchased May 13 are owned of record by Manoira Corporation. Corvus owns 99% of Manoira; Dr. Regan is sole director of Manoira and CEO & sole shareholder of Corvus — he may be deemed to beneficially own these shares, though Corvus and Dr. Regan disclaim such beneficial ownership except to the extent of pecuniary interest.
• Other notes: Pre‑funded warrants were exercised in full; numbers/prices shown reflect the March 26, 2026 reverse 1‑for‑25 split.

Context

• The March 24 conversion was a cashless exercise of pre‑funded warrants (no cash paid; shares issued upon exercise). Cash purchases like the May 13 trade are generally the clearest bullish signal from insiders because they involve cash outlay; this filing shows a $190,000 open‑market buy by entities controlled by Regan.
• Beneficial ownership is reported at the record‑owner level (Corvus/Manoira); due to the ownership structure, Regan may be deemed to beneficially own the reported shares, though formal disclaimers are included.