Cannestra Anthony 4
4 · Blaize Holdings, Inc. · Filed Jul 8, 2026
Research Summary
AI-generated summary of this filing
Blaize (BZAI) Director Cannestra Exercises Options, Sells 50K Shares
What Happened
Anthony Cannestra, a director of Blaize Holdings, exercised 50,000 stock options on July 6, 2026 at an exercise price of $0.57 (cost $28,500) and sold 50,000 shares the same day in an open-market transaction for total proceeds of $67,500 (weighted average price $1.35). The filing also reports a related derivative conversion/disposition of 50,000 shares (no cash price reported) tied to merger-related securities/awards.
Key Details
- Transaction date: July 6, 2026; Form 4 filed July 8, 2026 (appears timely).
- Exercise: 50,000 options at $0.57 = $28,500 (per footnote F1 — executed under a Rule 10b5-1 plan).
- Sale: 50,000 shares sold at a weighted average $1.35 for $67,500 (prices ranged $1.33–$1.38; see F3). Sales also under the reporting person's 10b5-1 plan (F2).
- Derivative item: a reported disposition/conversion of 50,000 derivative shares with no price shown; related to merger-converted securities/earnout mechanics (see F5, F10).
- Option status: the option exercised was fully vested and exercisable (F4).
- Shares owned after the transactions: not specified in the provided excerpt.
Context
Because the exercise and sale occurred the same day and were made under an established 10b5-1 trading plan, this looks like a routine option exercise followed by an immediate sale (often termed a cashless exercise) rather than an open-market purchase that signals added insider conviction. The derivative/earnout footnotes (F5, F10) indicate some securities originated from the company’s prior merger and include contingent earnout shares that vest or convert only if stock-price targets and service conditions are met; those amounts can be adjusted for forfeitures.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1]2026-07-06$0.57/sh+50,000$28,500→ 50,000 total - Sale
Common Stock
[F2][F3]2026-07-06$1.35/sh−50,000$67,500→ 0 total - Exercise/Conversion
Employee Stock Option (right to purchase)
[F1][F5][F4]2026-07-06−50,000→ 12,169 totalExercise: $0.57Exp: 2033-09-18→ Common Stock (50,000 underlying)
- 146,237
Employee Stock Option (right to purchase)
[F4]Exercise: $1.18Exp: 2034-10-23→ Common Stock (146,237 underlying) - 350,970
Employee Stock Option (right to purchase)
[F4][F6]Exercise: $1.18Exp: 2034-10-23→ Common Stock (350,970 underlying) - 8,824
Employee Stock Option (right to purchase)
[F4]Exercise: $14.62Exp: 2028-12-13→ Common Stock (8,824 underlying) - 75,258
Restricted Stock Units
[F7][F8]→ Common Stock (75,258 underlying) - 212,500
Restricted Stock Units
[F7][F9]→ Common Stock (212,500 underlying) - 91,237
Earnout Shares
[F10]Exp: 2030-01-13→ Common Stock (91,327 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]Each earnout 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. Company employees and non-employee directors who are entitled to receive earnout shares are required to provide service through the date the target is achieved and if an individual departs, the forfeited earnout shares are re-allocated among the pool of remaining eligible employees. Accordingly, the ultimate number of earnout shares is subject to adjustment from time to time in the event of forfeitures by employees of the Company, which add to the reporting person's earnout shares.
- [F2]The reported sales were effected pursuant to the reporting person's Rule 10b5-1 trading plan.
- [F3]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.33 to $1.38, 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.
- [F4]The stock option to purchase one share of the Issuer's common stock for each stock option is fully vested and exercisable.
- [F5]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.
- [F6]Corrects a typographical error in the expiration date for this stock option appearing in a Form 4 filed by the reporting person on April 8, 2026.
- [F7]Each restricted stock unit represents a contingent right to receive one share of the Issuer's common stock.
- [F8]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.
- [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.