Spigelman Melvin K 4

What Happened

• Melvin K. Spigelman, a director of AN2 Therapeutics (ANTX), had three grants of derivative securities recorded on March 19, 2026 totaling 51,045 shares (16,941; 10,362; 23,742). Each grant is listed as an acquisition (A) and, on the same date, an equal number of shares were reported as a disposition to the issuer (D).
• Footnotes indicate these were repriced options with an exercise price of $3.91 per share (the closing price on the repricing date). The options are fully vested and the board approved the repricing on March 19, 2026. No cash amounts or sales price are reported in the filing.

Key Details

• Transaction date: March 19, 2026; Form 4 filed March 23, 2026 (timely).
• Shares involved: 16,941 + 10,362 + 23,742 = 51,045 derivative shares (granted and simultaneously disposed to issuer).
• Reported exercise price (post-repricing): $3.91 per share (footnote). Options are fully vested.
• Footnotes: repricing approved by board; exercise price may be restored to original price under certain conditions before the “Premium End Date” (see footnote).
• Shares owned after transaction: not specified in the provided summary of the filing.
• Transaction codes: A = grant/acquisition of derivative; D = disposition to issuer (shares returned/surrendered).

Context

• These entries reflect derivative activity (repriced options) rather than an open-market buy or sale of common stock. A disposition to the issuer typically means the shares were returned or surrendered to the company (commonly for net settlement or tax withholding), but the Form 4 here does not state the specific reason.
• Because the options are fully vested and were repriced, this is a restructuring of option terms rather than a straightforward purchase or sale of stock; retail investors should view this as insider option re-pricing and related settlement activity, not necessarily a directional buy/sell signal.