Pharmacy Investors, LLC 4

What Happened
Pharmacy Investors, LLC (identified as a 10% owner) reported an exercise/conversion-type transaction on March 28, 2026 converting 1,413,939 shares. The Form 4 shows the derivative instrument was both disposed and the underlying shares acquired as part of the conversion. No purchase price or cash consideration is reported (price = N/A), so this was not a market buy or sale.

Key Details

• Transaction date: March 28, 2026; Form 4 filed March 31, 2026 (reporting period 03/28/2026).
• Transaction code: M (exercise or conversion of a derivative). Reported as 1,413,939 shares converted/acquired and 1,413,939 derivative-positions disposed.
• Price/consideration: N/A — conversion appears non-cash.
• Shares owned after transaction: not specified in the provided filing data.
• Footnote: Per the issuer’s Amended and Restated Certificate of Incorporation, the reporting person’s Class B common stock automatically converts one-for-one into Class A common stock in substantially equal tranches on March 28, 2026 and September 27, 2026.
• Insider type: 10% owner (institutional/entity), not an individual officer/director.

Context
This was an automatic, charter-driven conversion of Class B into Class A shares rather than an open-market purchase or sale — it does not necessarily indicate a change in economic exposure or insider sentiment. Form 4s often list both the derivative disposed and the shares acquired for such conversions; no cash changed hands and no immediate sale of the converted shares is reported.