Ceragon (CRNT) Director Makov Efrat Exercises Options, Sells Shares

What Happened
Director Makov Efrat exercised stock options and sold the resulting shares on 2026-05-22, and also received vested restricted stock unit (RSU) settlements on 05/22 and 05/23. Specifically, 6,667 shares were acquired on exercise at $2.11 per share (cost $14,054) and those 6,667 shares were sold the same day in the open market at $2.65 per share (gross sale proceeds $17,668). In addition, RSUs that fully vested were automatically settled into ordinary shares: 6,520 shares on 05/22 and 14,750 shares on 05/23. The filing also reports new option grants (13,030 options on 05/22 and 29,500 options on 05/23) that were fully vested and immediately exercisable on their grant dates.

Key Details

• Transaction dates/prices:
  • 05/22/2026: Exercised 6,667 options at $2.11 (cost $14,054) and sold 6,667 shares in the open market at $2.65 (gross proceeds $17,668).
  • 05/22/2026: 6,520 RSUs vested and were settled into shares (no cash cost).
  • 05/23/2026: 14,750 RSUs vested and were settled into shares (no cash cost).
  • 05/22/2026: 13,030 options granted (fully vested on grant).
  • 05/23/2026: 29,500 options granted (fully vested on grant).
• Shares owned after the reported transactions: the filing does not state a total beneficial ownership amount following these transactions.
• Notable footnotes from the filing:
  • RSUs were fully vested upon grant and automatically settled into ordinary shares on the grant dates (F1, F4).
  • Certain option grants were fully vested and immediately exercisable on grant dates (F5, F7).
  • The exercised options and the underlying shares were sold on the same date (cashless/same‑day sale) (F2, F3, F6).
• Timeliness: Transaction date(s) 05/22/2026; Form filed 05/26/2026. This appears later than the typical two business‑day Form 4 deadline.

Context

• Because the options were exercised and the resulting shares were sold the same day, this is effectively a same‑day exercise and sale (often a cashless exercise) rather than a long‑term purchase/hold signal.
• The RSU settlements represent compensation that vested and converted into shares on the stated grant dates; such awards are routine executive compensation events and do not necessarily indicate a trading view.
• The transaction sizes here are modest (gross sale ≈ $17.7K); retail investors should weigh this information along with other insider filings and company fundamentals.