Ellenbogen Michael 4

What Happened

• Michael Ellenbogen, a director of Evolv Technologies (EVLV), exercised stock options and immediately sold the resulting 80,745 shares. He paid $0.24 per share to exercise (cost ~$19,379) and sold the shares at a weighted average price of $6.21 for total proceeds of about $501,426. The transactions were reported on 2026-06-15 and filed on 2026-06-16.
• This sequence (exercise then sale) is effectively a cashless exercise and sale; it is a disposition (sale) rather than a purchase, typically a routine way for insiders to realize gains.

Key Details

• Dates: Transactions occurred on 2026-06-15; Form 4 filed 2026-06-16 (timely).
• Exercise: 80,745 shares exercised at $0.24 per share (total exercise cost ~$19,379) — reported as code M (option exercise).
• Sale: 80,745 shares sold in the open market at a weighted average price of $6.21 per share (total proceeds ~$501,426) — reported as code S.
• Derivative reporting: An additional M line shows the derivative converted/disposed at $0.00; this reflects the option conversion when exercised.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes: Sales were made under a Rule 10b5-1 trading plan entered June 12, 2025 (F1). The reported sale price is a weighted average across multiple trades (F2). The option vested over time beginning Jan 31, 2018 (F3).

Context

• Because the sale was executed under a 10b5-1 plan and resulted from an option exercise followed by immediate sale, this looks like a planned realization of previously vested compensation rather than an opportunistic market-timing trade. Retail investors typically view prearranged sales as routine; purchases are more indicative of insider bullishness.