ECOR insider purchase: CEO increases stake to 291,565 shares including RSUs

Rhea-AI Filing Summary

Daniel S. Goldberger, Chief Executive Officer and director of electroCore, purchased 1,000 shares of common stock on 08/11/2025 at a weighted-average price of $4.23 per share (purchase prices ranged from $4.225 to $4.25). After the purchase he beneficially owns 291,565 shares. The filing notes that this total includes previously issued restricted stock units of 75,000 (25,000 vested; 50,000 vesting one-half on January 16, 2026 and January 16, 2027), 50,000 (33,333 vested; 16,667 vesting August 4, 2026), and 40,000 (vesting in one-third increments on January 18, 2026, January 18, 2027, and January 18, 2028).

Insights

Corporate Compliance Analyst

TL;DR: Small insider purchase; holdings mainly reflect RSUs rather than a large open-market accumulation.

The Form 4 reports a modest open-market purchase of 1,000 shares at a weighted average of $4.23. While insider purchases can signal alignment with shareholder interests, the transaction size is minor relative to the reporting person’s total beneficial ownership of 291,565 shares, which notably includes significant unvested restricted stock units with multi-year vesting schedules. From a compliance perspective the filing discloses purchase price range and the vesting details required for transparency.

Securities Analyst

TL;DR: Transaction immaterial to company valuation but reinforces executive compensation mix tied to time-based RSUs.

The reported purchase does not materially change the insider’s ownership stake. The filing's detailed breakdown of RSUs—75,000; 50,000; and 40,000 shares with specified vesting dates—highlights a compensation structure that vests over 2026–2028, aligning long-term executive incentives with future performance. Investors should note the total beneficial ownership figure and the schedule of potential share issuances as part of dilution and insider-alignment analysis.

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

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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^*

Goldberger Daniel S

(Last) (First) (Middle)

200 FORGE WAY,

SUITE 205

(Street)

ROCKAWAY NJ 07866

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
electroCore, Inc. [ ECOR ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/11/2025

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
Common Stock	08/11/2025		P		1,000	A	$4.23(1)	291,565(2)(3)(4)	D

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

Explanation of Responses:

1. The price in Column 4 is a weighted average of shares purchased at prices ranging from $4.225 to $4.25. The Reporting Person (RP) undertakes to provide to the Issuer, any securityholder of the Issuer, or the SEC staff, upon request, information regarding the number of shares purchased at each price.

2. Includes an additional 75,000 shares issuable pursuant to previously issued Restricted Stock Units: (i) 25,000 of such shares have vested and (ii) 50,000 of such shares will potentially vest in one-half increments on each of January 16, 2026, and January 16, 2027. All such unvested shares were previously reported on a Form 4 filing at the time of grant.

3. Includes an additional 50,000 shares issuable pursuant to previously issued Restricted Stock Units: (i) 33,333 of such shares have vested and (ii) 16,667 of such shares will potentially vest on August 4, 2026. All such unvested shares were previously reported on a Form 4 filing at the time of grant.

4. Includes an additional 40,000 shares issuable pursuant to previously issued Restricted Stock Units: 40,000 of such shares will potentially vest in one-third increments on each of January 18, 2026, January 18, 2027, and January 18, 2028. All such unvested shares were previously reported on a Form 4 filing at the time of grant.

	/s/ John L. Cleary, II, attorney-in-fact	08/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

Who filed the Form 4 for electroCore (ECOR)?

The Form 4 was filed for Daniel S. Goldberger, who is listed as Chief Executive Officer and a director of electroCore.

What transaction did the insider report on the Form 4 for ECOR?

The filing reports a purchase of 1,000 shares of common stock on 08/11/2025 at a weighted-average price of $4.23 (prices ranged $4.225–$4.25).

How many shares does Daniel Goldberger beneficially own after the reported transaction?

Following the reported transaction he beneficially owns 291,565 shares, as stated in the filing.

Does the filing include unvested restricted stock units (RSUs)?

Yes. The filing discloses RSUs totaling 75,000 (25,000 vested; 50,000 vesting in two installments), 50,000 (33,333 vested; 16,667 vesting August 4, 2026), and 40,000 (vesting one-third on January 18 of 2026, 2027, and 2028).

Was the transaction reported as made pursuant to a 10b5-1 written plan?

The filing does not indicate that the transaction was reported as made pursuant to a Rule 10b5-1 trading plan.