Ranjan Saurabh 4

What Happened
Ranjan Saurabh, a director of Matternet, reported multiple acquisitions on May 22, 2026. He received four awards/merger-related stock issuances totaling 2,348,914 shares (no cash price reported) and made an open-market purchase of 58,333 shares at $3.00 each for $174,999. Combined, these transactions increased his reported holdings by 2,407,247 shares.

Key Details

• Transaction date(s): May 22, 2026. Form 4 filed May 27, 2026 (filed 5 days after the transactions; exceeds the usual 2-business-day filing window).
• Awarded shares (no price): 413,902; 784,545; 368,041; 782,426 (total awards = 2,348,914). These awards were received in connection with the issuer's merger and a private placement per the filing footnotes.
• Open-market purchase (P): 58,333 shares @ $3.00 = $174,999.
• Conversion detail: Per the merger agreement, each Legacy Matternet share converted into 2.0801 shares of the issuer at the merger’s effective time (per footnote).
• Ownership reporting: Several award blocks are held directly by affiliated investment vehicles (Cerracap Growth Fund I LP, Cerracap II, LP, Cerracap International Investments SP, Cerracap Ventures Matternet LLC). Mr. Saurabh is Managing Partner of those entities and may be deemed to share voting/dispositive power; he disclaims beneficial ownership except to the extent of his pecuniary interest.
• Filing timeliness: Filed May 27 for May 22 transactions — appears late relative to the standard 2-business-day Form 4 deadline.

Context

• The large stock receipts were merger- and private-placement-related awards, not option exercises or sales; such issuances reflect corporate transactions (merger conversion and subscription) rather than a market-timed purchase or sale.
• The only straight market purchase here was the 58,333-share buy at $3.00 (~$175k), which is a direct purchase and is generally more informative about an insider’s personal buying than awards.
• Because many shares are held in funds where Mr. Saurabh is a managing partner, reported “beneficial ownership” may reflect fund holdings rather than direct, personal stock ownership.