Gan Hong 4

What Happened
Gan Hong, Chief Science Officer of SES AI Corp (SES), exercised stock options to acquire 250,000 shares (150,000 on 2026-01-22 at $0.16 and 100,000 on 2026-01-23 at $0.16) for a total exercise cost of $40,000. On the same dates she sold 250,000 shares in open-market transactions (150,000 on 2026-01-22 and 100,000 on 2026-01-23), generating aggregate proceeds of about $624,705. The filing also shows two derivative-related disposals of 150,000 and 100,000 shares at $0.00 tied to the exercises (see footnotes).

Key Details

• Transaction dates: 2026-01-22 and 2026-01-23.
• Exercises: 150,000 @ $0.16 ($24,000) and 100,000 @ $0.16 ($16,000). (M = option exercise)
• Sales: 150,000 and 100,000 shares reported at a weighted-average $2.50 per share; total proceeds ≈ $624,705. Reported sale price ranges: $2.48–$2.53 and $2.48–$2.56 (see F3, F4). (S = sale)
• Zero-dollar disposals: two entries for 150,000 and 100,000 shares at $0.00 related to the derivative transactions (reported separately).
• Plan/authorization: Sales executed pursuant to a Rule 10b5‑1 trading plan adopted Aug 14, 2025 (F1).
• Option status: Exercises reflect fully vested options granted Feb 10, 2021 (F5).
• Holdings note: Filing references 852,222 shares underlying restricted stock units that remain subject to forfeiture until vesting (F2). The total shares owned after these transactions are not provided here — see the Form 4 for full post-transaction holdings.
• Filing timeliness: Report filed 2026-01-23 for transactions on 2026-01-22/23 (filed promptly).

Context

• Codes: M = option exercise; S = sale. The exercises were followed by same-day sales, which is consistent with an immediate sale of acquired shares under a pre-set plan rather than a separate open-market purchase decision.
• 10b5‑1 plan: Sales under a 10b5‑1 plan are prearranged and can be routine; they do not necessarily signal the insider’s current view of the company.
• For full details (per-price breakouts, total post-transaction holdings, and the exact nature of the $0.00 derivative entries), retail investors should review the full Form 4 (Accession No. 0001907008-26-000002).