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DDC (NASDAQ: DDC) director exercises 66,666 warrants, receives shares

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

DDC Enterprise Ltd director Lai Kwok Ho increased his equity stake through warrant exercises. On March 20, 2026 he exercised 33,333 warrants at $0.16 per share via a cashless exercise, receiving 31,838 Class A Ordinary Shares. On April 28, 2026 he exercised another 33,333 warrants at $0.16, receiving 31,111 shares through a second cashless exercise, bringing his direct Class A Ordinary Share holdings to 62,949. He also holds Restricted Stock Units covering 121,951 and 20,000 underlying shares, and stock options over 45,454 shares at a $5.50 exercise price.

Positive

  • None.

Negative

  • None.
Insider Lai Kwok Ho
Role null
Type Security Shares Price Value
X Warrants 33,333 $0.16 $5K
X Class A Ordinary Shares 31,111 $0.16 $5K
X Warrants 33,333 $0.16 $5K
X Class A Ordinary Shares 31,838 $0.16 $5K
holding Stock Options -- -- --
holding Restricted Stock Units -- -- --
holding Restricted Stock Units -- -- --
Holdings After Transaction: Warrants — 0 shares (Direct, null); Class A Ordinary Shares — 62,949 shares (Direct, null); Stock Options — 45,454 shares (Direct, null); Restricted Stock Units — 20,000 shares (Direct, null)
Footnotes (1)
  1. On March 20, 2026, the reporting person exercised an aggregate of 33,333 warrants pursuant to the exercise notice at the exercise price of $0.16 per share. The reporting person elected to satisfy the aggregate exercise price through a cashless exercise, pursuant to which a net of 31,838 Class A Ordinary Shares was issued to the reporting person. On April 28, 2026, the reporting person exercised an aggregate of 33,333 warrants pursuant to the exercise notice at the exercise price of $0.16 per share. The reporting person elected to satisfy the aggregate exercise price through a cashless exercise, pursuant to which a net of 31,111 Class A Ordinary Shares was issued to the reporting person.
Warrants exercised (March 20, 2026) 33,333 warrants Exercised at $0.16 per share via cashless exercise
Net shares received (March 20, 2026) 31,838 shares Class A Ordinary Shares issued from cashless warrant exercise
Warrants exercised (April 28, 2026) 33,333 warrants Exercised at $0.16 per share via cashless exercise
Net shares received (April 28, 2026) 31,111 shares Class A Ordinary Shares issued from cashless warrant exercise
Shares held after April 28, 2026 62,949 shares Direct Class A Ordinary Share ownership following exercises
RSUs outstanding (2035-12-12 expiry) 121,951 underlying shares Restricted Stock Units over Class A Ordinary Shares
RSUs outstanding (2035-02-21 expiry) 20,000 underlying shares Restricted Stock Units over Class A Ordinary Shares
Stock options outstanding 45,454 underlying shares at $5.50 Stock options over Class A Ordinary Shares
cashless exercise financial
"elected to satisfy the aggregate exercise price through a cashless exercise"
A cashless exercise is a way for an option holder to convert stock options into actual shares without paying the purchase price in cash; instead they immediately give up a portion of the newly issued shares to cover the cost and any withholding taxes. Investors care because this process increases the number of shares available and can slightly dilute existing holdings, while also signaling how insiders or employees are realizing compensation without needing cash — similar to paying for a purchase by handing over part of what you just bought.
Restricted Stock Units financial
"Restricted Stock Units linked to 121,951 and 20,000 underlying shares"
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.
Stock Options financial
"Stock Options over 45,454 Class A Ordinary Shares at a $5.50 exercise price"
Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.
Class A Ordinary Shares financial
"Class A Ordinary Shares was issued to the reporting person"
Class A ordinary shares are a type of ownership stake in a company that typically grants voting rights to shareholders, allowing them to have a say in important company decisions. They often come with priority in receiving dividends or profits, making them attractive to investors seeking influence and potential income. These shares help distinguish different levels of ownership and rights within a company's stock structure.
warrants financial
"exercised an aggregate of 33,333 warrants pursuant to the exercise notice"
Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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).
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*
Lai Kwok Ho
(Last)(First)(Middle)
368 9TH AVE
(Street)
NEW YORK NEW YORK 10001
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
DDC Enterprise Ltd [ DDC ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
03/20/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Class A Ordinary Shares03/20/2026X(1)31,838A$0.16(1)31,838D
Class A Ordinary Shares04/28/2026X(2)31,111A$0.16(2)62,949D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Warrants$0.16(1)03/20/2026X(1)33,33312/30/202509/29/2035Class A Ordinary Shares33,333$0.16(1)0D
Warrants$0.16(2)04/28/2026X(2)33,33303/16/202612/30/2035Class A Ordinary Shares33,333$0.16(2)0D
Stock Options$5.505/22/202502/21/2035Class A Ordinary Shares45,45445,454D
Restricted Stock Units$002/22/202502/21/2035Class A Ordinary Shares20,00020,000D
Restricted Stock Units$012/13/202612/12/2035Class A Ordinary Shares121,951121,951D
Explanation of Responses:
1. On March 20, 2026, the reporting person exercised an aggregate of 33,333 warrants pursuant to the exercise notice at the exercise price of $0.16 per share. The reporting person elected to satisfy the aggregate exercise price through a cashless exercise, pursuant to which a net of 31,838 Class A Ordinary Shares was issued to the reporting person.
2. On April 28, 2026, the reporting person exercised an aggregate of 33,333 warrants pursuant to the exercise notice at the exercise price of $0.16 per share. The reporting person elected to satisfy the aggregate exercise price through a cashless exercise, pursuant to which a net of 31,111 Class A Ordinary Shares was issued to the reporting person.
/s/ Kwok Ho Lai04/30/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did DDC (DDC) director Lai Kwok Ho report?

Lai Kwok Ho reported exercising 33,333 DDC warrants on March 20, 2026 and another 33,333 warrants on April 28, 2026. Both were cashless exercises at $0.16 per share, resulting in newly issued Class A Ordinary Shares rather than open-market purchases or sales.

How many DDC shares did Lai Kwok Ho receive from the warrant exercises?

He received 31,838 Class A Ordinary Shares from the March 20, 2026 cashless exercise and 31,111 shares from the April 28, 2026 cashless exercise. Together, these warrant exercises delivered a total of 62,949 Class A Ordinary Shares into his direct ownership.

What price was used for Lai Kwok Ho’s DDC warrant exercises?

Both warrant exercises used an exercise price of $0.16 per share. Although the warrants had this stated exercise price, Lai Kwok Ho elected cashless settlement, meaning he received fewer net shares instead of paying cash to cover the aggregate exercise cost.

How many DDC shares does Lai Kwok Ho hold after these transactions?

Following the April 28, 2026 transaction, Lai Kwok Ho directly holds 62,949 Class A Ordinary Shares. In addition, he has unexercised equity awards, including Restricted Stock Units and stock options that, if settled or exercised, would deliver more DDC Class A Ordinary Shares.

What DDC equity awards does Lai Kwok Ho still have outstanding?

He holds Restricted Stock Units linked to 121,951 and 20,000 DDC Class A Ordinary Shares, plus stock options over 45,454 shares at a $5.50 exercise price. These unexercised awards represent potential future share deliveries if vesting and exercise conditions are satisfied.

Were Lai Kwok Ho’s recent DDC transactions market purchases or sales?

The reported transactions were exercises of derivative securities, not open-market trades. Lai Kwok Ho used cashless exercises of warrants at $0.16 per share, receiving net Class A Ordinary Shares and not reporting any open-market buying or selling activity in this Form 4.