Aoki Ichiro 4

What Happened Ichiro Aoki, President and Director of indie Semiconductor (INDI), converted ADK Class A units into Class A common stock (derivative conversion/exercise) and immediately sold those shares in the open market. Across transactions on May 27–29, 2026 he sold a total of 729,900 shares for aggregate proceeds of approximately $3,793,161. Individual trades included 175,000 shares on 5/27 at $5.06 ($885,028) and sales on 5/28–5/29 of 200,000, 225,000, 29,900, 80,200 and 19,800 shares at weighted prices shown below.

Key Details

• Dates & main prices:
  • 2026-05-27: 175,000 shares sold @ $5.06 — $885,028
  • 2026-05-28: 200,000 shares sold @ $5.25 — $1,050,360
  • 2026-05-28: 225,000 shares sold @ $5.31 — $1,194,975
  • 2026-05-28: 29,900 shares sold @ $5.28 — $157,776
  • 2026-05-29: 80,200 shares sold @ $5.05 — $405,034
  • 2026-05-29: 19,800 shares sold @ $5.05 — $99,988
  • Total: 729,900 shares sold for ~$3.79M
• The underlying acquisitions were conversions of ADK Class A units into Class A common stock (reported as exercise/conversion at $0.00 per share). Footnotes F1 and F2 explain that ADK units are exchangeable for Class A shares and that an equivalent number of Class V shares were cancelled upon conversion.
• Some sale price fields are weighted averages and the trades occurred within reported price ranges (see footnotes F4–F6, F8–F10 for ranges). One footnote (F7) notes a Rule 10b5-1 trading plan adopted Dec 8, 2025 that includes automated sales through June 30, 2026; at least some sales are described as pursuant to that plan.
• Filing: Form 4 was filed on 2026-05-29 for transactions between 2026-05-27 and 2026-05-29. The filing is marked late (timeliness = L).

Context

• These transactions appear to be conversions of exchangeable ADK units followed by immediate open-market sales (a cashless-type conversion + sale), rather than purchases — so they are liquidity events rather than new insider accumulation. Conversions occurred at $0 reported cost because they reflect an exchange of units for shares, as described in the footnotes.
• Post-transaction shareholdings are not provided in the summary above; consult the Form 4 for Aoki’s total holdings after these transactions. File footnotes provide fuller details (price ranges per sale, Rule 10b5-1 plan disclosure, and cancellation of Class V shares upon conversion).