Webull Corp: CEO Wang Anquan received 25,000,000 shares

What happened

• Wang Anquan, CEO, converted 25,000,000 Class B ordinary shares into 25,000,000 Class A ordinary shares on Sep 30, 2026. The Form 4 shows an acquisition of 25,000,000 shares by conversion (no consideration) and a corresponding disposition of 25,000,000 shares at $0.00 (derivative).

Key details

• Transaction date and price: Sep 30, 2026; conversion for no consideration, disposition reported at $0.00. Transaction type shown as conversion of a derivative security (code C on the filing entries).
• Shares owned after the transaction: the 25,000,000 Class B ordinary shares were converted one-for-one into 25,000,000 Class A ordinary shares held of record by Water Castle Az Inc.
• Ownership/record holder: the reported securities are held of record by Water Castle Az Inc., whose voting power is fully retained by Pozijie Inc., which is wholly owned by the reporting person (Wang Anquan).
• Other securities and vesting: the filing reports (a) 5,433,243 restricted Class B share units that vest in 36 equal monthly installments ending on Dec 31, 2028, of which 1,660,156 have vested or are scheduled to vest within 60 days of Sep 30, 2026, and (b) 10,866,488 performance restricted Class B share units that vest in 25% increments when the 60-day VWAP of the Class A ordinary shares reaches $15, $20, $25, and $30, with any unvested Performance RSUs expiring on Feb 24, 2031.
• Filing date and period: Form filed Oct 2, 2026 for the period ending Sep 30, 2026. The filing does not indicate a late report.

Why it may matter

• This filing reports a conversion of Class B ordinary shares into Class A ordinary shares for no consideration rather than a market purchase or sale.
• The securities are held through entities (Water Castle Az Inc. and Pozijie Inc.) controlled by the reporting person.
• A filing does not show why the insider traded or why the company acted.