Cannestra Anthony 4
4 · Blaize Holdings, Inc. · Filed Apr 8, 2026
Research Summary
AI-generated summary of this filing
Blaize (BZAI) Director Cannestra Exercises Options and Sells 50,000 Shares
What Happened Anthony Cannestra, a director of Blaize Holdings (BZAI), exercised 50,000 stock options on April 6, 2026 at an exercise price of $0.57 (cost $28,500) and sold 50,000 shares the same day for a weighted-average price of $1.75, generating proceeds of $87,500. The filing also reports a separate exercise/conversion of a derivative for 50,000 shares that is listed as a disposition with no cash amount shown.
Key Details
- Transaction date: April 6, 2026; Form 4 filed April 8, 2026 (timely filing).
- Option exercise: 50,000 shares exercised at $0.57 per share (total cost $28,500). (F1, F6)
- Open-market sale: 50,000 shares sold at a weighted-average price of $1.75 (total proceeds $87,500). Sales executed under a Rule 10b5-1 plan; prices in the sale ranged from $1.72 to $1.79. (F3, F4)
- Additional derivative entry: 50,000-share exercise/conversion reported as a derivative disposition with no price or cash amount disclosed.
- Holdings after transaction: the filing excerpt does not state the reporter’s total post-transaction holdings; footnote indicates certain earnout shares and unvested RSUs were moved to Table II and unchanged since the prior Form 4. (F2, F5–F9)
- 10b5-1 plan: exercise and sales were effected pursuant to a pre-established Rule 10b5-1 trading plan adopted December 11, 2025. (F1, F3)
Context The sequence—exercise of options followed by an immediate sale under a 10b5-1 plan—is a planned, pre-arranged transaction rather than an ad-hoc purchase or sale. For retail investors, planned sales under 10b5-1 are routine liquidity events for insiders and do not necessarily indicate a change in insider sentiment. The separate derivative conversion/disposition shows an additional movement of derivative-based shares but the filing provides no dollar amount for that entry.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1][F2]2026-04-06$0.57/sh+50,000$28,500→ 50,000 total - Sale
Common Stock
[F3][F4]2026-04-06$1.75/sh−50,000$87,500→ 0 total - Exercise/Conversion
Employee Stock Option (right to purchase)
[F1][F7][F6]2026-04-06−50,000→ 162,169 totalExercise: $0.57Exp: 2033-09-18→ Common Stock (50,000 underlying)
- 0
Earnout Shares
[F5]Exp: 2030-01-13→ Common Stock (91,327 underlying) - 8,824
Employee Stock Option (right to purchase)
[F6]Exercise: $14.62Exp: 2028-12-13→ Common Stock (8,824 underlying) - 212,169
Employee Stock Option (right to purchase)
[F6]Exercise: $0.57Exp: 2033-09-18→ Common Stock (212,169 underlying) - 350,970
Employee Stock Option (right to purchase)
[F6]Exercise: $1.18Exp: 2024-10-23→ Common Stock (350,970 underlying) - 146,237
Employee Stock Option (right to purchase)
[F6]Exercise: $1.18Exp: 2034-10-23→ Common Stock (146,237 underlying) - 212,500
Restricted Stock Units
[F8][F9]→ Common Stock (212,500 underlying) - 75,258
Restricted Stock Units
[F8][F10]→ Common Stock (75,258 underlying)
Footnotes (10)
- [F1]The reported exercise of 50,000 stock options underlying 50,000 shares of the Issuer's common stock was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 11, 2025 (the "10b5-1 trading plan").
- [F10]Represents an award of restricted stock units granted at the Issuer's 2025 Annual Meeting under the Non-Employee Director Compensation Program, which vest at the earlier of one year or the Issuer's next Annual Meeting. Vested shares will be delivered to the reporting person not later than 60 days after the vesting date.
- [F2]In the reporting person's prior Form 4 filings, earnout shares and unvested restricted stock units had been reported in Table I. These holdings have been moved to Table II, and there have been no transactions in such holdings since the reporting person's last Form 4 filing.
- [F3]The reported sales were effected pursuant to the reporting person's Rule 10b5-1 trading plan.
- [F4]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.72 to $1.79, inclusive. Upon request by the SEC staff, the Issuer, or any security holder of the Issuer, full information regarding the number of shares sold at each separate price will be provided.
- [F5]On January 13, 2025, the date of the Issuer's business combination, the reporting person received earnout shares in respect of the Issuer's business combination. Each eanout share represents a contingent right to receive one share of the Issuer's common stock if the trading price of the Issuer's common stock exceeds certain thresholds for 20 of 30 consecutive trading days post-closing of the Issuer's business combination.
- [F6]The stock option to purchase one share of the Issuer's common stock for each stock option is fully vested and exercisable.
- [F7]Represents securities received as part of the Issuer's business combination, in connection with that certain Agreement and Plan of Merger, dated as of December 22, 2023 and amended on April 22, 2024, October 24, 2024, and November 21, 2024 (the "Merger Agreement") by and among the Issuer (formerly BurTech Acquisition Corp.), BurTech Merger Sub, Inc., Blaize, Inc. ("Legacy Blaize"), and for the limited purposes set forth therein, Burkhan Capital LLC, pursuant to which securities of Legacy Blaize were automatically converted into the right to receive stock options of the Issuer as set forth in the Merger Agreement.
- [F8]Each restricted stock unit represents a contingent right to receive one share of the Issuer's common stock.
- [F9]These are time-based restricted stock units that vest in four equal quarterly installments commencing June 1, 2028. Vested shares will be delivered to the reporting person not later than 60 days after the vesting date.