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

Rhea-AI Filing Summary

ACM Research, Inc. (ACMR) reporting person David H. Wang, who is CEO, President and a director, disclosed multiple transactions on September 3-4, 2025. Mr. Wang exercised 130,000 stock options (70,000 on 09/03/2025 and 60,000 on 09/04/2025) at a $1 exercise price, each option fully vested and exercisable and underlying the same number of Class A shares.

He also sold a total of 130,000 Class A shares across those dates in several trades under a Rule 10b5-1 trading plan adopted on November 29, 2024, with weighted-average sale prices reported: $26.73 (66,057 shares), $27.31 (3,943 shares) and $26.44 (60,000 shares). After these transactions Mr. Wang reported beneficial ownership of 742,708 Class A shares directly and various indirect holdings through family trusts and relatives summing in disclosures (examples include 620,001 shares by the Wang-Chen Family Living Trust).

Positive

• Sales executed under a Rule 10b5-1 trading plan, providing an affirmative defense and procedural clarity
• Detailed disclosure of weighted-average sale prices and offer to provide per-price breakdowns on request
• Continued substantial ownership evidenced by 742,708 direct Class A shares and additional indirect holdings through family trusts

Negative

• Insider sold 130,000 shares within two days, which may be perceived negatively by some investors despite the 10b5-1 plan
• Large option exercises and concurrent sales could be viewed as monetization of equity by the CEO

Insights

Securities Analyst

TL;DR: CEO exercised vested options and sold shares under a pre-established 10b5-1 plan; ownership remains materially significant.

Mr. Wang exercised 130,000 options at $1 and sold 130,000 shares across two days under a Rule 10b5-1 plan, with weighted-average prices reported between $26.44 and $27.31. These actions are routine in nature for executives monetizing vested equity while relying on an affirmative defense plan. The filings show continued substantial direct and indirect ownership, with 742,708 Class A shares reported directly and additional indirect holdings disclosed through family trusts and relatives, indicating sustained alignment with shareholder interests. No derivative dispositions other than option exercises were reported.

Corporate Governance Expert

TL;DR: Transactions consistent with governance best practices if trades were pre-planned; disclosure is detailed and compliant.

The Form 4 indicates the sales were effected pursuant to a Rule 10b5-1 trading plan adopted on November 29, 2024, which supports an affirmative defense against insider trading claims. The report includes weighted-average sale prices and offers to provide per-price breakdowns on request, reflecting thorough disclosure. The report is signed by an attorney-in-fact, and the officer role is disclosed. Material governance items such as intent or non-routine related-party transfers are not present in the filing.

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
Estimated average burden
hours per response:			0.5

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

X

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^*

Wang David H

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

3. Date of Earliest Transaction (Month/Day/Year)
09/03/2025

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
Class A Common Stock	09/03/2025		M		70,000	A	$1	742,708	D
Class A Common Stock	09/03/2025		S(1)		66,057	D	$26.73(2)	676,651	D
Class A Common Stock	09/03/2025		S(1)		3,943	D	$27.31(3)	672,708	D
Class A Common Stock	09/04/2025		M		60,000	A	$1	732,708	D
Class A Common Stock	09/04/2025		S(1)		60,000	D	$26.44(4)	672,708	D
Class A Common Stock								100,002	I	By Jing Chen, wife of David H. Wang
Class A Common Stock								45,837	I	By Sophia Wang, daughter of David H. Wang
Class A Common Stock								180,000	I	By David Hui Wang and Jing Chen Family Irrevocable Trust for Wang Children
Class A Common Stock								620,001	I	By Wang-Chen Family Living Trust

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	$1	09/03/2025		M			70,000	(5)	12/27/2026	Class A Common Stock	70,000	$0	800,002	D
Stock Option	$1	09/04/2025		M			60,000	(5)	12/27/2026	Class A Common Stock	60,000	$0	740,002	D

Explanation of Responses:

1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 29, 2024.

2. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $26.25 to $27.19, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (2), (3), and (4) to this Form 4.

3. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $27.29 to $27.33, inclusive.

4. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $26.14 to $26.68, inclusive.

5. The option is fully vested and exercisable.

Remarks:

Chief Executive Officer, President and Director

	/s/ Mark McKechnie, Attorney-in-Fact for David H. Wang	09/05/2025
	** 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 ACMR CEO David H. Wang do on 09/03/2025 and 09/04/2025?

He exercised 130,000 stock options (70,000 on 09/03 and 60,000 on 09/04) at a $1 exercise price and sold 130,000 Class A shares under a Rule 10b5-1 plan.

Were the share sales by David H. Wang part of a pre-established plan?

Yes. The Form 4 states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted on November 29, 2024.

What prices were reported for the ACMR share sales?

The Form 4 reports weighted-average prices: $26.73 (66,057 shares), $27.31 (3,943 shares) and $26.44 (60,000 shares).

How many Class A shares does David H. Wang beneficially own after these transactions?

The filing reports 742,708 Class A shares directly plus multiple indirect holdings disclosed through family trusts and relatives.

Are the options exercised by Mr. Wang vested?

Yes. Footnote (5) states the options are fully vested and exercisable.