CDT Equity CEO Dr. Andrew Regan Exercises Pre-Funded Warrants

What Happened
Dr. Andrew Regan, CEO of CDT Equity Inc., is reported as having converted pre‑funded warrants into common stock. On July 30, 2026, Corvus Capital (an affiliate) received pre‑funded warrants to purchase up to 5,436,830 shares of CDT common stock at $0.0001 per share (aggregate exercise price ≈ $544). Those pre‑funded warrants became exercisable after shareholder approval and were exercised on August 28, 2026 via a cashless exercise; Corvus received 5,436,540 shares and 290 shares were withheld to cover the exercise cost. The Form 4 was filed September 2, 2026 and reports these movements; Dr. Regan may be deemed a beneficial owner through his relationships with Corvus and Manoira but disclaims beneficial ownership except for any pecuniary interest.

Key Details

• Transaction dates: warrants issued/recorded 2026-07-30; warrants exercised (cashless) 2026-08-28; Form 4 filed 2026-09-02.
• Prices/values: exercise price $0.0001 per share; aggregate exercise cost ≈ $544.
• Shares received on exercise: 5,436,540 common shares; 290 shares were withheld to satisfy the exercise cost (total warrants = 5,436,830).
• Holdings & record: the shares/warrants are owned of record by Corvus (and some shares are owned of record by Manoira); Dr. Regan is CEO of Corvus and sole director of Manoira and therefore may be deemed to beneficially own these positions but disclaims such ownership except to the extent of pecuniary interest.
• Other notes: the pre‑funded warrants were exercised in full and on a cashless basis. The Form 4 was filed several days after the exercise date (filed 2026-09-02 for an 2026-08-28 exercise), which is later than the typical 2‑business‑day filing window.

Context

• Cashless exercise: instead of paying cash, the holder received a reduced number of shares based on a formula (market price less exercise price divided by market price); withholding of 290 shares covered the small exercise cost.
• What it means for investors: this was a conversion of pre‑funded warrants into shares (not an open‑market purchase), so it increases the number of outstanding shares held by the reporting entities but does not represent a traditional buy indicating personal bullishness by the insider.