Aeries CEO/Director Exchanges Private Shares for 851,184 Public Class A Shares
Rhea-AI Filing Summary
Aeries Technology insider conversion increases Class A holdings. On 09/22/2025 the reporting person, who is both Chief Executive Officer and a Director, exercised exchange rights to convert 59,110 Aeries Shares into 851,184 Class A Ordinary Shares at an exchange rate of 14.40 Class A Shares per Aeries Share. After the exchange, the reporting person beneficially owned 2,507,440 Class A Ordinary Shares. The Form 4 also discloses related put and call exchange rights and that certain Aeries Shares held by an ESOP Trust are considered in the reporting person’s beneficial ownership assumptions.
Positive
- Reporting person exercised exchange rights converting 59,110 Aeries Shares into 851,184 Class A Ordinary Shares on 09/22/2025
- Post-transaction beneficial ownership of Class A Ordinary Shares is 2,507,440 as reported
- Conversion terms disclosed include the exchange rate of 14.40 Class A Shares per Aeries Share
Negative
- None.
Insights
TL;DR: Insider exercised contractual exchange rights converting private shares into publicly traded Class A shares, increasing reported insider ownership.
The Form 4 documents a contractual exchange under the Exchange Agreement permitting conversion of Aeries ordinary shares into Issuer Class A Ordinary Shares. The filing is explicit that 59,110 Aeries Shares were exchanged for 851,184 Class A Ordinary Shares, and that post-transaction beneficial ownership stands at 2,507,440 Class A Ordinary Shares. The report also notes interrelated put and call exchange rights and the inclusion of ESOP Trust-held shares in beneficial ownership calculations. This is a governance-relevant capital-structure event that updates insider ownership disclosures but does not, on its face, state any change to management or control arrangements.
TL;DR: Material insider share exchange reported; quantifies shares converted and resulting insider stake in Class A shares.
The filing provides clear transaction metrics: conversion of 59,110 Aeries Shares into 851,184 Class A Ordinary Shares at a stated exchange rate of 14.40, effective 09/22/2025. It records derivative exchange rights (put and call) associated with those Aeries Shares and notes that ESOP Trust-held shares are attributable to the reporting person for reporting purposes. For investors and analysts, the report updates the insider’s public-equity exposure without providing additional financial performance or valuation data.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Aeries Shares Put Exchange Right | 59,110 | $0.00 | -- |
| Other | Aeries Shares Call Exchange Right | 59,110 | $0.00 | -- |
| Exercise | Class A Ordinary Shares | 851,184 | $0.00 | -- |
| holding | Aeries Shares Put Exchange Right | -- | -- | -- |
| holding | Aeries Shares Call Exchange Right | -- | -- | -- |
Footnotes (1)
- On September 22, 2025, pursuant to the terms of certain Exchange Agreement, dated as of November 6, 2023 (as amended, the "Exchange Agreement"), by and among Aeries Technology, Inc. (the "Issuer"), Aeries Technology Group Business Accelerators Private Limited ("Aeries"), the Reporting Person, and the other parties thereto, the Reporting Person exercised his right to exchange 59,110 ordinary shares of Aeries, par value INR 10 per share (the "Aeries Shares"), for Class A ordinary shares, par value $0.0001 per share ("Class A Ordinary Shares") of the Issuer, at an exchange rate of 14.40 Class A Ordinary Shares for each Aeries Share (the "Exchange"). The Exchange Agreement provides that the Reporting Person may exercise his right to have the Issuer exchange his Aeries Shares for Class A Ordinary Shares upon the satisfaction of certain conditions included in the Exchange Agreement. The Issuer determined that the exercise conditions were satisfied as of March 26, 2024 and, pursuant to the terms of the Exchange Agreement, after April 1, 2024, the Reporting Person had the right to exchange 100% of his Aeries Shares. As previously reported, pursuant to the Exchange Agreement, the Issuer had an Aeries Share Call Exchange Right to effect the Exchange. Upon the Reporting Person's exercise of the Aeries Shares Put Exchange Right, the Issuer's Aeries Shares Call Exchange Right with respect to such Aeries Shares was terminated. Represents Class A Ordinary Shares issuable pursuant to the exercise of exchange rights with respect to Aeries Shares held by the Aeries Employee Stock Option Trust ("ESOP Trust") for which the reporting is person is a beneficiary and assumes distribution of such Aeries Shares by the ESOP Trust to the reporting person prior to an exchange for Class A Ordinary Shares.
