Greenlane CIO exercises warrant for 29,292 shares
Greenlane’s CIO exercised a cashless warrant for 30,000 shares, netting 29,292 shares after correcting an administrative over-delivery with no open-market sale or cash proceeds.
Rhea-AI Filing Summary
Greenlane Holdings, Inc. (GNLN) reported that Chief Investment Officer Ben Isenberg exercised a Strategic Advisory Warrant on June 1, 2026 to acquire 30,000 shares of Class A common stock at an exercise price of $0.08 per share. The warrant, originally granted for 520,833 shares at $0.01, had been adjusted after a 1-for-8 reverse stock split to cover 65,104 shares at $0.08 per share. The exercise was done on a cashless basis using the May 29, 2026 VWAP of $3.3854, yielding 29,291.0734 net shares, which the issuer rounded up to 29,292 shares. Due to an administrative error the issuer initially delivered all 30,000 shares; before this report was filed, Isenberg returned 708 excess shares, which the issuer cancelled, so no open-market sale occurred and Isenberg received no cash proceeds. Following the transaction, 35,104 warrant shares remain outstanding, and no Rule 10b5-1 trading plan is reported.
Positive
- None.
Negative
- None.
Insider Trade Summary
30,000 shares exercised/converted
Exercise
3 txns
Insider
Isenberg Ben
Role
Chief Investment Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Strategic Advisory Warrant F1, F2, F4 | 30,000 | -- | -- |
| Exercise | Class A Common Stock F2 | 30,000 | $0.08 | $2K |
| Exercise Price Payment | Class A Common Stock F3 | 708 | $3.3854 | $2K |
Holdings After Transaction:
Strategic Advisory Warrant — 35,104 contracts (Direct);
Class A Common Stock — 29,292 shares (Direct)
Footnotes (4)
- F1. On October 23, 2025, the Reporting Person was granted a Strategic Advisory Warrant to purchase 520,833 shares of Class A common stock at $0.01 per share. Following the Issuer's 1-for-8 reverse stock split effective April 6, 2026, the Warrant was adjusted to cover 65,104 shares at $0.08 per share.
- F2. On June 1, 2026, the Reporting Person exercised 30,000 Warrant Shares on a cashless basis under Section 2(c) of the Warrant. Using the May 29, 2026 VWAP of $3.3854, the formula yielded 29,291.0734 net shares. The Issuer elected to round up to the next whole share, resulting in the issuance of 29,292 net shares.
- F3. Due to an administrative error, the Issuer initially delivered all 30,000 shares without deducting shares for the $0.08 exercise price. Before this Form 4 was filed, the Reporting Person returned 708 excess shares to the Issuer, and the Issuer cancelled them. Table I reports the gross acquisition of 30,000 shares and the disposition of 708 shares to reflect the corrected cashless exercise. No open-market sale occurred and the Reporting Person received no cash proceeds.
- F4. No consideration was paid or received for the derivative security. Because the reported transaction was an exercise of the Warrant, the exercise price of $0.08 per share is reported in Column 2, and Column 8 is left blank pursuant to Form 4 Instruction 4(c)(iii).
Key Figures
Warrant shares exercised: 30,000 shares
Warrant exercise price: $0.08 per share
Net shares issued: 29,292 shares
+5 more
8 metrics
Warrant shares exercised
30,000 shares
Strategic Advisory Warrant exercise on June 1, 2026
Warrant exercise price
$0.08 per share
Exercise price for Strategic Advisory Warrant after reverse stock split
Net shares issued
29,292 shares
Cashless exercise output after applying VWAP formula and rounding up
Excess shares returned
708 shares
Shares returned to issuer and cancelled to correct administrative error
Remaining warrant shares
35,104 shares
Strategic Advisory Warrant position after June 1, 2026 exercise
Adjusted warrant coverage
65,104 shares
Post 1-for-8 reverse stock split warrant share count
VWAP used for cashless exercise
$3.3854 per share
May 29, 2026 VWAP applied in cashless exercise formula
Warrant expiration date
April 23, 2036
Expiration of Strategic Advisory Warrant
Key Terms
Strategic Advisory Warrant, cashless basis, VWAP, reverse stock split, +1 more
5 terms
Strategic Advisory Warrant financial
"the Reporting Person was granted a Strategic Advisory Warrant to purchase"
cashless basis financial
"the Reporting Person exercised 30,000 Warrant Shares on a cashless basis"
An agreement executed on a cashless basis lets a holder convert or exercise a security (like options, warrants, or conversion rights) without paying money upfront; instead the holder receives a smaller number of shares equal in value to what the cash would have purchased. Think of trading a coupon for fewer slices of a cake rather than handing over cash for the full slice. For investors, it affects how much ownership and dilution occur and avoids immediate cash outlays.
VWAP financial
"Using the May 29, 2026 VWAP of $3.3854, the formula yielded"
VWAP, or Volume-Weighted Average Price, is a way to find the average price of a stock throughout the trading day, giving more importance to times when more shares are traded. It helps traders see the typical price and decide whether a stock is expensive or cheap compared to its average, similar to finding the average speed during a trip by giving more weight to times when you traveled faster or slower.
reverse stock split financial
"Following the Issuer's 1-for-8 reverse stock split effective April 6, 2026"
A reverse stock split reduces a company's number of outstanding shares while raising the price per share proportionally, so the total value of each investor's holding is unchanged; a 1-for-10 split turns 100 shares worth $1 each into 10 shares worth $10 each. Companies often do this to regain compliance with an exchange's minimum price rule or to attract investors who avoid very low-priced stocks.
cashless exercise financial
"to reflect the corrected cashless exercise. No open-market sale occurred"
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.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Greenlane (GNLN) insider Ben Isenberg report in this Form 4?
He reported exercising a Strategic Advisory Warrant on June 1, 2026 for 30,000 shares of Greenlane Class A common stock on a cashless basis, resulting in the issuance of 29,292 net shares after correcting an initial over-delivery.
Did the Greenlane CIO’s Form 4 involve any open-market sale or cash proceeds?
No. The filing states that no open-market sale occurred and the reporting person received no cash proceeds. The transaction was a cashless exercise of a warrant, with excess shares returned and cancelled to correct an initial over-delivery.
Was a Rule 10b5-1 trading plan involved in this Greenlane Form 4 transaction?
No. The Form 4’s Rule 10b5-1 checkbox is not marked as an affirmative plan, and the footnotes do not indicate a trading plan, so no Rule 10b5-1 plan is reported for these transactions.
AI-generated analysis. How Rhea-AI works. Not financial advice.
