Fulgent Genetics (NASDAQ: FLGT) CEO pays $10.7M to cancel share forward

Rhea-AI Filing Summary

Fulgent Genetics, Inc. director and CEO Ming Hsieh, a more than ten percent owner, restructured a prior derivative arrangement tied to company stock. A trust associated with him had entered a prepaid variable forward contract in 2023 covering up to 750,000 shares of common stock.

On March 9, 2026, The Ming Hsieh Trust cancelled this agreement for all 750,000 shares and paid the counterparty an aggregate of $10,708,875. After this payment, those 750,000 shares are no longer pledged to the bank and remain held by entities associated with Hsieh.

Following these actions, Hsieh holds 900,634 common shares directly, and additional common shares indirectly, including 7,895,115 by trust, 220,816 by trust, 1,000 in a Uniform Transfers to Minors Act account, and 1,000 held by an immediate family member.

Insights

Insider transactions analyst

CEO unwinds a large prepaid forward, keeps economic exposure.

The filing shows a restructuring, not an open-market trade. A trust associated with Ming Hsieh cancelled a prepaid variable forward on up to 750,000 Fulgent Genetics shares by paying the bank $10,708,875, removing a pledge over those shares.

No shares were reported as bought or sold in the market, and net buy/sell activity is neutral in the transaction summary. Hsieh continues to hold a substantial equity position, with 900,634 shares directly and several million shares indirectly through trusts and family accounts as of March 9, 2026.

This kind of derivative unwind mainly affects how the position is financed and encumbered, rather than changing basic ownership. It may matter for understanding potential overhang from pledged shares, but it does not, by itself, alter the company’s operating outlook.

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^*

Hsieh Ming

(Last) (First) (Middle)

C/O FULGENT GENETICS, INC.

4399 SANTA ANITA AVENUE

(Street)

EL MONTE CA 91731

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Fulgent Genetics, Inc. [ FLGT ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
03/09/2026

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								900,634	D
Common Stock								7,895,115	I	By Trust(1)
Common Stock								220,816	I	By Trust(2)
Common Stock								1,000	I	Uniform Transfer to Minor Account(3)
Common Stock								1,000	I	By Immediate Family(4)

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
Forward sale contract (obligation to sell)	(5)(6)	03/09/2026		J/K(5)(6)			750,000(5)	(5)(6)	(5)(6)	Common Stock	750,000	(5)(6)	0	I	By Trust(1)(5)(6)

Explanation of Responses:

1. Securities held by The Ming Hsieh Trust (the "Hsieh Trust"). Mr. Hsieh is the trustee of the Hsieh Trust and possesses the sole voting and dispositive power with respect to securities held by the Hsieh Trust.

2. Securities held by the Dynasty Trust. Mr. Hsieh is the grantor of the Dynasty Trust and he and his spouse, Eva Hsieh, and Jian Xie serve on the investment committee of the Dynasty Trust. Mr. Hsieh disclaims any beneficial interest except with respect to any pecuniary interest therein.

3. Shares held in a Uniform Transfers to Minor Act account for which Ming Hsieh acts as custodian and possesses the sole voting and dispositive power.

4. Shares, which were previously held in a Uniform Transfers to Minor Act account, now held by an immediate family member residing in the same household as Ming Hsieh.

5. Previously, on August 21, 2023, the Hsieh Trust entered into a prepaid variable forward agreement (the "2023 Agreement") with an unaffiliated bank (the "Bank"). The 2023 Agreement obligated the Hsieh Trust to deliver up to 750,000 shares of the issuer's common stock, $0.0001 par value per share ("Common Stock") (or, at the Hsieh Trust's election, an equivalent amount of cash) to settle the 2023 Agreement.

6. On March 9, 2026, the Hsieh Trust elected to cancel the 2023 Agreement with respect to all 750,000 shares. In connection with the cancellation, the Hsieh Trust paid an aggregate of $10,708,875 to the Bank. Following the payment and cancellation described above, the 750,000 shares held by the reporting person that were previously subject to the prepaid forward contract are no longer pledged to the Bank.

	/s/ Paul Kim as Attorney-in-Fact	03/11/2026
	** 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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FAQ

What did Fulgent Genetics (FLGT) CEO Ming Hsieh change in this Form 4?

Ming Hsieh restructured a prior derivative deal tied to Fulgent Genetics stock. A trust associated with him cancelled a prepaid variable forward on up to 750,000 shares and paid the bank $10,708,875, so those shares are no longer pledged as collateral.

Did the Fulgent Genetics (FLGT) Form 4 show Ming Hsieh buying or selling shares?

The Form 4 does not report open-market purchases or sales by Ming Hsieh. Instead, it shows cancellation of a prepaid variable forward contract on 750,000 shares, with cash paid to the bank, leaving Hsieh’s share ownership intact but unencumbered by that pledge.

How many Fulgent Genetics (FLGT) shares does Ming Hsieh hold after this filing?

After the reported transactions, Ming Hsieh holds 900,634 Fulgent Genetics common shares directly. He also has significant indirect holdings, including 7,895,115 shares by trust, 220,816 shares by another trust, 1,000 shares in a UTMA account, and 1,000 shares held by an immediate family member.

What is the prepaid variable forward mentioned in the Fulgent Genetics (FLGT) Form 4?

The prepaid variable forward was a 2023 agreement requiring a trust linked to Ming Hsieh to deliver up to 750,000 Fulgent Genetics shares or cash. On March 9, 2026, the trust cancelled this agreement and paid $10,708,875, releasing those shares from the pledge to the bank.

Does the Fulgent Genetics (FLGT) Form 4 affect pledged shares for Ming Hsieh?

Yes. Before this filing, 750,000 Fulgent Genetics shares held by a trust were subject to a prepaid forward with a bank. After the trust paid $10,708,875 and cancelled the agreement, those 750,000 shares are no longer pledged, changing their encumbrance but not their ownership.

Who actually holds the Fulgent Genetics (FLGT) shares reported for Ming Hsieh?

Ming Hsieh holds some shares directly and others through related entities. Footnotes state shares are held by The Ming Hsieh Trust, a Dynasty Trust, a Uniform Transfers to Minors Act account he custodies, and an immediate family member, with varying voting and dispositive powers detailed in the disclosure.