Da Cunha Gustavo Werneck 4

What Happened
Gustavo Werneck Da Cunha, CEO and director of Gerdau S.A. (ticker: GGB), sold a total of 100,000 shares in two open-market transactions on April 8 and April 9, 2026. He sold 50,000 shares on Apr 8 at an equivalent price of $4.01 per share (proceeds $200,500) and 50,000 shares on Apr 9 at $4.16 per share (proceeds $208,000), for combined proceeds of roughly $408,500. These were outright sales (transaction code S), which are commonly routine and do not necessarily signal a change in insider sentiment.

Key Details

• Transaction dates and amounts:
  • Apr 8, 2026 — 50,000 shares sold at $4.01/share; proceeds ~$200,500. (Footnote F1: price converted from BRL at R$5.0899 = $1.00)
  • Apr 9, 2026 — 50,000 shares sold at $4.16/share; proceeds ~$208,000. (Footnote F2: price converted from BRL at R$5.0821 = $1.00)
• Total sold: 100,000 shares; total proceeds ≈ $408,500 (USD equiv. after FX conversion).
• Transaction type: Open-market sales (Form 4 transaction code S).
• Shares owned after transaction: Not specified in the provided filing details.
• Filing: Form 4 filed Apr 10, 2026 — appears timely (Form 4 is generally due within two business days).
• Notable footnotes: F1 and F2 explain that reported USD prices are BRL amounts converted using Central Bank of Brazil selling rates for Apr 8 and Apr 9, 2026.
• No 10b5-1 plan, tax-withholding, or other special instructions were disclosed in the provided notes.

Context
Insider sales are common for many reasons (diversification, tax planning, liquidity) and are generally less informative than purchases about management’s view of the company. Because these were open-market sales and no 10b5-1 plan or other justification was disclosed in the filing, retail investors should treat the transaction as a routine insider sale unless other company or insider disclosures indicate otherwise.