Galectin insider converts credit notes into stock
Galectin Therapeutics director and over-10% holder Richard E. Uihlein, via the Richard E. Uihlein Stock Trust, exercised Line of Credit Convertible Notes into 31,825,235 and 2,550,932 common shares at $3.00 and $4.05 per share.
Rhea-AI Filing Summary
Galectin Therapeutics director and over-10% holder Richard E. Uihlein, via the Richard E. Uihlein Stock Trust, exercised Line of Credit Convertible Notes into 31,825,235 and 2,550,932 common shares at $3.00 and $4.05 per share. The notes totaled $91,000,000 and $10,000,000 of principal plus accrued interest. A holding entry reports 27,710 shares held by the Ed Uihlein Family Foundation, where Uihlein shares voting power but has no pecuniary interest.
Positive
- None.
Negative
- None.
Insights
Analyzing...
Insider Trade Summary
0 shares exercised/converted
Exercise
5 txns
Insider
Uihlein Richard E
Role
Director, 10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Line of Credit Convertible Notes F1, F3 | -- | $95,475,705.00 as filed | -- |
| Exercise | Line of Credit Convertible Notes F2, F3 | -- | $10,331,275.00 as filed | -- |
| Exercise | Common Stock | 31,825,235 | $3.00 | $95.48M |
| Exercise | Common Stock | 2,550,932 | $4.05 | $10.33M |
| holding | Common Stock F4 | -- | -- | -- |
- Line of Credit Convertible Notes, Jul 31, 2026. Price shown as filed: $95,475,705.00 per share is far above the $2.97 close on Jul 31, 2026, so no transaction value is shown.
- Line of Credit Convertible Notes, Jul 31, 2026. Price shown as filed: $10,331,275.00 per share is far above the $2.97 close on Jul 31, 2026, so no transaction value is shown.
Holdings After Transaction:
Line of Credit Convertible Notes — 0 contracts (Indirect, Richard E. Uihlein Stock Trust);
Common Stock — 44,713,843 shares (Indirect, Richard E. Uihlein Stock Trust);
Common Stock — 27,710 shares (Indirect, By Ed Uihlein Family Foundation)
Footnotes (4)
- F1. Consists of $91,000,000 in principal and $14,475,705 in accrued interest.
- F2. Consists of $10,000,000 of principal and $331,275 of accrued interest.
- F3. The Line of Credit Convertible Notes are exercisable upon issuance when the issuer draws on the Line of Credit. Notes were issued on December 19, 2022; March 31, 2023; June 30, 2023; December 29, 2023; March 29, 2024; June 28, 2024; September30, 2024; April 30, 2025; June 30, 2025 and December 31, 2025. There was no expiration date; however, the maturity date of all Line of Credit Convertible Notes was June 30, 2027.
- F4. The reporting person is president and director of Ed Uihlein Family Foundation, a not-for-profit corporation. The reporting person has no pecuniary interest in the shares, however, he shares voting and dispositive power over the shares and, therefore, remains the beneficial owner of the shares solely for the purposes of Section 13(d) of the Securities Exchange Act of 1934.
Key Figures
Shares from $3.00 notes: 31,825,235 shares
Shares from $4.05 notes: 2,550,932 shares
Principal on first note: $91,000,000
+4 more
7 metrics
Shares from $3.00 notes
31,825,235 shares
Common stock issued upon exercise of Line of Credit Convertible Notes at $3.00 per share
Shares from $4.05 notes
2,550,932 shares
Common stock issued upon exercise of Line of Credit Convertible Notes at $4.05 per share
Principal on first note
$91,000,000
Principal amount of Line of Credit Convertible Note converted by Richard E. Uihlein Stock Trust
Accrued interest on first note
$14,475,705
Accrued interest tied to the first Line of Credit Convertible Note
Principal on second note
$10,000,000
Principal amount of second Line of Credit Convertible Note converted
Accrued interest on second note
$331,275
Accrued interest tied to the second Line of Credit Convertible Note
Foundation holdings
27,710 shares
Common stock held by Ed Uihlein Family Foundation with Uihlein as beneficial owner for Section 13(d)
Key Terms
Line of Credit Convertible Notes, exercise or conversion of derivative security, maturity date, beneficial owner, +1 more
5 terms
Line of Credit Convertible Notes financial
"exercised Line of Credit Convertible Notes into common shares"
exercise or conversion of derivative security financial
"transaction code "M" denotes an exercise or conversion of derivative security"
maturity date financial
"the maturity date of all Line of Credit Convertible Notes was June 30, 2027"
The maturity date is the specific day when a loan, bond, or investment reaches its full term and the borrower must repay the borrowed amount in full. It is important for investors because it indicates when they will receive their initial money back and can plan their future financial steps accordingly. Think of it as the due date for a loan or the day a gift card or coupon expires.
beneficial owner regulatory
"therefore, remains the beneficial owner of the shares solely for the purposes of Section 13(d)"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
Section 13(d) of the Securities Exchange Act of 1934 regulatory
"solely for the purposes of Section 13(d) of the Securities Exchange Act of 1934"
Section 13(d) of the Securities Exchange Act of 1934 is a U.S. rule that requires anyone who buys more than 5% of a public company’s shares to publicly disclose who they are, how many shares they own, and their intentions toward the company. For investors, this is like a neighborhood alert when someone acquires a large stake in a building: it reveals potential changes in control or strategy that could affect the stock’s price, governance, or future direction.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What transactions did Richard E. Uihlein report for Galectin Therapeutics (GALT)?
He reported that the Richard E. Uihlein Stock Trust exercised Line of Credit Convertible Notes into 31,825,235 and 2,550,932 Galectin common shares at exercise prices of $3.00 and $4.05 per share, replacing note holdings with equity shares held indirectly.
What principal and interest amounts were tied to the convertible notes in GALT’s report?
One Line of Credit Convertible Note consisted of $91,000,000 in principal and $14,475,705 in accrued interest. A second note consisted of $10,000,000 of principal and $331,275 of accrued interest, both of which were associated with the reported conversions into common stock.
When do Galectin Therapeutics’ Line of Credit Convertible Notes mature according to this GALT disclosure?
The notes are described as exercisable upon issuance when Galectin draws on the line of credit, with all Line of Credit Convertible Notes sharing a June 30, 2027 maturity date, rather than having a traditional expiration date for the conversion feature.
AI-generated analysis. How Rhea-AI works. Not financial advice.
