[Form 4] ACM Research, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Haiping Dun, a director of ACM Research, Inc. (ACMR), reported acquiring a derivative security on 08/12/2025. The Form 4 shows an acquisition of a stock option covering 20,000 shares of Class A common stock with an exercise price of $24.93 and an expiration date of 08/11/2035. Following the reported transaction, the filing lists 20,000 shares beneficially owned directly by the reporting person.

The filing explains the option "will vest and become exercisable immediately prior to the 2026 annual meeting of stockholders," subject to continued service through the vesting date. The Form 4 was signed by an attorney-in-fact on behalf of Haiping Dun on 08/14/2025.

Positive

• Acquisition of 20,000 stock option increases the director's alignment with shareholders by adding direct economic exposure to ACMR
• Vesting tied to service through the 2026 annual meeting aligns the award with near-term shareholder accountability

Negative

• None.

Insights

Securities Analyst

TL;DR: Director acquired a 10-year option for 20,000 shares at $24.93 that vests before the 2026 annual meeting.

The transaction is a routine insider option acquisition disclosed under Section 16. It increases the director's direct economic exposure to ACMR by 20,000 shares on a fully exercised basis. Key contract terms shown are an exercise price of $24.93 and an expiration date of 08/11/2035. The vesting condition ties exercisability to continued service through the 2026 annual meeting, aligning executive incentives with near-term shareholder outcomes. This disclosure does not provide information on total company share count or dilution impact, so absolute materiality cannot be assessed from the form alone.

Corporate Governance Expert

TL;DR: The reported option grant is governance-aligned, vesting contingent on continued service through the 2026 meeting.

The filing indicates the board (or compensation process) granted an option that vests contingent on continued service, a common retention mechanism for directors or executives. The explicit vesting timing—immediately prior to the 2026 annual meeting—creates a clear service condition. The Form 4 is a standard Section 16 disclosure; it conveys alignment of interests but contains no additional governance actions, such as changes in compensation policy or extraordinary grants, so the governance impact appears routine based on the disclosed facts.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Dun Haiping

(Last) (First) (Middle)

C/O ACM RESEARCH, INC.

42307 OSGOOD ROAD, SUITE I

(Street)

FREMONT CA 94539

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ACM Research, Inc. [ ACMR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option	$24.93	08/12/2025		A		20,000		(1)	08/11/2035	Class A Common Stock	20,000	$0	20,000	D

Explanation of Responses:

1. The option will vest and become exercisable immediately prior to the 2026 annual meeting of stockholders of the issuer, subject to continued service through the vesting date.

	/s/ Mark McKechnie, Attorney-in-Fact for Haiping Dun	08/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Haiping Dun report on the Form 4 for ACMR?

The Form 4 reports the acquisition of a stock option for 20,000 shares of Class A common stock with an exercise price of $24.93.

When was the transaction dated and when was the Form 4 signed?

The transaction date is 08/12/2025, and the Form 4 was signed by an attorney-in-fact on 08/14/2025.

When does the option vest and become exercisable?

The filing states the option "will vest and become exercisable immediately prior to the 2026 annual meeting of stockholders, subject to continued service through the vesting date."

What are the option exercise price and expiration date?

The option has an exercise price of $24.93 and an expiration date of 08/11/2035 as shown on the form.

How many shares does the reporting person beneficially own after the transaction?

The Form 4 reports 20,000 shares beneficially owned following the reported transaction.