Buonanno Franck Jean 4

What Happened

• Franck Jean Buonanno, Vice‑President, Global Sales of SEALSQ Corp (ticker: LAES), exercised options to acquire 15,000 shares at $0.01 per share on 2026-03-27, for a total cash cost of $150. The same Form 4 reports a simultaneous disposition of 15,000 derivative shares at $0.00 (both transactions coded M for option exercise/conversion).
• This was an option exercise (an acquisition), not an open‑market sale. The disposition at $0.00 indicates those 15,000 shares were transferred/disposed without cash received; the Form 4 does not specify the reason.

Key Details

• Transaction date: 2026-03-27
• Acquired: 15,000 shares @ $0.01 each = $150 (code M — option exercise/conversion)
• Disposed: 15,000 shares @ $0.00 each = $0 (code M — derivative disposition)
• Shares owned after transaction: not specified in the provided filing
• Filing timeliness: Form filed on 2026-03-27 (same day as the reported transactions); no late‑filing flag noted
• Notable: Form 4 gives no explanation for the $0.00 disposition (e.g., withholding or surrender); the filing is factual and does not state purpose.

Context

• For retail investors: an option exercise is an insider acquiring company stock (often viewed as a neutral-to-bullish signal), but the simultaneous $0.00 disposition means the insider did not receive cash for an equal number of shares that day. That could reflect share surrender or transfer to satisfy obligations, but the Form 4 does not explain the mechanics.