Blaize Holdings (BZAI) director sells 50K shares in 10b5-1 trade
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Blaize Holdings, Inc. director Anthony Cannestra exercised stock options for 50,000 shares at an exercise price of $0.57 and sold 50,000 common shares at a weighted average price of $1.75 per share on April 6, 2026, under a pre-arranged Rule 10b5-1 trading plan.
The sale price ranged from $1.72 to $1.79 per share. Following this exercise-and-sell, he reports no directly held common stock from this transaction but continues to hold substantial equity-based awards, including earnout shares, employee stock options at various strike prices, and restricted stock units tied to future vesting conditions.
Positive
- None.
Negative
- None.
Insights
Routine 10b5-1 option exercise-and-sale with large awards still outstanding.
Director Anthony Cannestra exercised 50,000 employee stock options at an exercise price of $0.57 and sold 50,000 common shares at a weighted average of $1.75 per share. Footnotes state both the exercise and sale occurred under a pre-arranged Rule 10b5-1 trading plan, indicating a scheduled liquidity event rather than opportunistic trading.
After these transactions, he still holds significant derivative and award positions: 91,327 earnout-linked shares, multiple option grants covering hundreds of thousands of underlying shares at exercise prices of $0.57, $1.18, and $14.62, plus over 280,000 restricted stock units that will vest over time. This pattern looks like routine portfolio management, not a change in overall alignment.
Insider Trade Summary 10b5-1
Net Seller: 50,000 shares ($87,500)
Net Sell
10 txns
Insider
Cannestra Anthony
Role
Director
Sold
50,000 shs ($88K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Stock Option (right to purchase) | 50,000 | $0.00 | -- |
| Exercise | Common Stock | 50,000 | $0.57 | $28K |
| Sale | Common Stock | 50,000 | $1.75 | $88K |
| holding | Earnout Shares | -- | -- | -- |
| holding | Employee Stock Option (right to purchase) | -- | -- | -- |
| holding | Employee Stock Option (right to purchase) | -- | -- | -- |
| holding | Employee Stock Option (right to purchase) | -- | -- | -- |
| holding | Employee Stock Option (right to purchase) | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
Holdings After Transaction:
Employee Stock Option (right to purchase) — 162,169 shares (Direct);
Common Stock — 50,000 shares (Direct);
Earnout Shares — 91,327 shares (Direct);
Restricted Stock Units — 212,500 shares (Direct)
Footnotes (1)
- The reported exercise of 50,000 stock options underlying 50,000 shares of the Issuer's common stock was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 11, 2025 (the "10b5-1 trading plan"). In the reporting person's prior Form 4 filings, earnout shares and unvested restricted stock units had been reported in Table I. These holdings have been moved to Table II, and there have been no transactions in such holdings since the reporting person's last Form 4 filing. The reported sales were effected pursuant to the reporting person's Rule 10b5-1 trading plan. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.72 to $1.79, inclusive. Upon request by the SEC staff, the Issuer, or any security holder of the Issuer, full information regarding the number of shares sold at each separate price will be provided. On January 13, 2025, the date of the Issuer's business combination, the reporting person received earnout shares in respect of the Issuer's business combination. Each eanout share represents a contingent right to receive one share of the Issuer's common stock if the trading price of the Issuer's common stock exceeds certain thresholds for 20 of 30 consecutive trading days post-closing of the Issuer's business combination. The stock option to purchase one share of the Issuer's common stock for each stock option is fully vested and exercisable. Represents securities received as part of the Issuer's business combination, in connection with that certain Agreement and Plan of Merger, dated as of December 22, 2023 and amended on April 22, 2024, October 24, 2024, and November 21, 2024 (the "Merger Agreement") by and among the Issuer (formerly BurTech Acquisition Corp.), BurTech Merger Sub, Inc., Blaize, Inc. ("Legacy Blaize"), and for the limited purposes set forth therein, Burkhan Capital LLC, pursuant to which securities of Legacy Blaize were automatically converted into the right to receive stock options of the Issuer as set forth in the Merger Agreement. Each restricted stock unit represents a contingent right to receive one share of the Issuer's common stock. These are time-based restricted stock units that vest in four equal quarterly installments commencing June 1, 2028. Vested shares will be delivered to the reporting person not later than 60 days after the vesting date. Represents an award of restricted stock units granted at the Issuer's 2025 Annual Meeting under the Non-Employee Director Compensation Program, which vest at the earlier of one year or the Issuer's next Annual Meeting. Vested shares will be delivered to the reporting person not later than 60 days after the vesting date.
Key Figures
Options exercised: 50,000 shares
Exercise price: $0.57 per share
Shares sold: 50,000 shares
+5 more
8 metrics
Options exercised
50,000 shares
Employee stock options exercised on April 6, 2026
Exercise price
$0.57 per share
Strike price of exercised employee stock options
Shares sold
50,000 shares
Common stock sold on April 6, 2026
Weighted average sale price
$1.75 per share
Sales executed between $1.72 and $1.79
Earnout underlying shares
91,327 shares
Contingent rights from January 13, 2025 business combination
Options at $0.57
212,169 underlying shares
Employee stock options expiring September 18, 2033
Options at $1.18
350,970 underlying shares
Employee stock options expiring October 23, 2024
Restricted stock units
212,500 underlying shares
Time-based RSUs vesting in four quarterly installments from June 1, 2028
Key Terms
Rule 10b5-1 trading plan, earnout shares, restricted stock units, weighted average price, +2 more
6 terms
Rule 10b5-1 trading plan financial
"was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
restricted stock units financial
"Each restricted stock unit represents a contingent right to receive one share"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
weighted average price financial
"The price reported in Column 4 is a weighted average price"
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
business combination financial
"On January 13, 2025, the date of the Issuer's business combination"
A business combination happens when two or more companies join together to operate as one, like two friends merging their teams into a single group. This is important because it can change how companies grow, compete, and make money, often making them bigger and more powerful in the market.
Non-Employee Director Compensation Program financial
"granted at the Issuer's 2025 Annual Meeting under the Non-Employee Director Compensation Program"
FAQ
What did Blaize Holdings (BZAI) director Anthony Cannestra do in this Form 4?
Director Anthony Cannestra exercised 50,000 employee stock options at an exercise price of $0.57 and sold 50,000 shares of Blaize Holdings common stock at a weighted average price of $1.75, all executed on April 6, 2026 under a pre-arranged Rule 10b5-1 trading plan.
Was Anthony Cannestra’s Blaize (BZAI) transaction under a Rule 10b5-1 plan?
Yes. Footnotes state that both the 50,000 option exercise and the related share sales were effected under Anthony Cannestra’s Rule 10b5-1 trading plan, adopted on December 11, 2025. Such plans are pre-arranged, helping separate routine liquidity events from discretionary market-timing decisions by insiders.
What equity awards does Anthony Cannestra still hold in Blaize (BZAI)?
After these transactions, Anthony Cannestra reports holdings including 91,327 earnout shares, several employee stock option grants over 212,169, 350,970 and 146,237 underlying shares at exercise prices of $0.57 and $1.18, plus restricted stock units covering 212,500 and 75,258 underlying shares of Blaize common stock.