Cannestra Anthony 4

What Happened

• Anthony Cannestra, a director of Blaize Holdings, exercised 50,000 stock options on May 11, 2026 at an exercise price of $0.57 (cost $28,500) and sold 50,000 shares in an open-market transaction the same day for a weighted average price of $1.85 (gross proceeds ~$92,500). The exercise and sale were effected under a Rule 10b5-1 trading plan.
• The filing also lists a separate "exercise or conversion of derivative" of 50,000 shares on the same date with no price shown; footnotes indicate these securities relate to the issuer’s prior business combination and option conversion.

Key Details

• Transaction date: May 11, 2026; Form 4 filed May 12, 2026 (timely filing).
• Exercise: 50,000 options at $0.57; total exercise cost $28,500 (Footnote F1, F4).
• Sale: 50,000 shares sold at a weighted average price of $1.85 (range $1.78–$1.88), gross proceeds ~$92,500 (Footnote F2, F3).
• Additional derivative conversion: 50,000 shares reported as an exercise/conversion with no price shown; related to securities received in the company’s merger (Footnote F5).
• Trading plan: Transactions were executed pursuant to a Rule 10b5-1 plan adopted Dec 11, 2025 (F1, F2).
• Shares owned after transaction: Not specified in the information provided in the summary filing.

Context

• Because the director exercised options and sold an equal number of shares the same day under a 10b5-1 plan, this appears as an effectively cashless exercise (exercise funded by subsequent sale) rather than an outright purchase for investment.
• 10b5-1 plans are pre-arranged trading programs and are commonly used to avoid questions about timing; they do not, by themselves, indicate the insider’s view of the company’s outlook.