[Form 4] indie Semiconductor, Inc. Insider Trading Activity

Rhea-AI Filing Summary

indie Semiconductor, Inc. (INDI) filed a Form 4 showing that its president and director reported a series of equity transactions over November 17–19, 2025. On each day, the reporting person exchanged ADK Class A Units for the same number of shares of Class A common stock at an exercise price of $0, which also triggered the cancellation of an equal number of shares of Class V common stock.

Across the three days, the reporting person converted and then sold in the open market a total of 175,000 shares of Class A common stock, at weighted average prices ranging from about $3.44 to $3.72, through multiple individual trades. After these transactions, the reporting person held 82,634 shares of Class A common stock and 4,439,362 shares of Class V common stock directly.

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

OMB Number:			3235-0287
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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^*

Aoki Ichiro

(Last) (First) (Middle)

32 JOURNEY

(Street)

ALISO VIEJO CA 92656

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
indie Semiconductor, Inc. [ INDI ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
11/17/2025

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
Class V Common Stock	11/17/2025		M(1)		75,000	D	$0	4,539,362	D
Class A Common Stock	11/17/2025		M(2)		75,000	A	$0	157,634	D
Class A Common Stock	11/17/2025		S(3)		75,000	D	$3.6596(4)	82,634	D
Class V Common Stock	11/18/2025		M(1)		75,000	D	$0	4,464,362	D
Class A Common Stock	11/18/2025		M(2)		75,000	A	$0	157,634	D
Class A Common Stock	11/18/2025		S(3)		75,000	D	$3.4962(5)	82,634	D
Class V Common Stock	11/19/2025		M(1)		25,000	D	$0	4,439,362	D
Class A Common Stock	11/19/2025		M(2)		25,000	A	$0	107,634	D
Class A Common Stock	11/19/2025		S(3)		25,000	D	$3.4423(6)	82,634	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
ADK Class A Units(2)	$0	11/17/2025		M			75,000	12/10/2021	(7)	Class A Common Stock	4,939,362	$0	4,539,362	D
ADK Class A Units(2)	$0	11/18/2025		M			75,000	12/10/2021	(7)	Class A Common Stock	4,939,362	$0	4,464,362	D
ADK Class A Units(2)	$0	11/19/2025		M			25,000	12/10/2021	(7)	Class A Common Stock	4,939,362	$0	4,439,362	D

Explanation of Responses:

1. Cancellation of Class V Common Stock upon Reporting Person's exchange of ADK Class A Units for an equal number of shares of Class A Common Stock. See note 2.

2. Class A Common Stock received upon conversion of ADK Class A Units. The ADK Class A Units may be exchanged by the Reporting Person at any time after December 10, 2021 for an equal amount of shares of Class A Common Stock or, at the election of the Issuer, cash equal to the fair market value of such shares. Upon the Reporting Person's exchange of an ADK Class A Unit for Class A Common Stock, an equivalent number of shares of Class V Common Stock will be cancelled.

3. Represents shares of Class A common stock sold in the open market.

4. The price reported in Column 4 is a weighted average price. The shares reported in this Form 4 were sold in separate transactions at prices ranging from $3.57 to $3.715, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the price range set forth in this footnote.

5. The price reported in Column 4 is a weighted average price. The shares reported in this Form 4 were sold in separate transactions at prices ranging from $3.455 to $3.55, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the price range set forth in this footnote.

6. The price reported in Column 4 is a weighted average price. The shares reported in this Form 4 were sold in separate transactions at prices ranging from $3.44 to $3.445, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the price range set forth in this footnote.

7. N/A

	/s/ Ichiro Aoki by Naixi Wu pursuant to power of attorney filed on June 21, 2021	11/19/2025
	** Signature of Reporting Person	Date
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.

FAQ

What insider transaction did indie Semiconductor (INDI) report on this Form 4?

The filing reports that a director and president of indie Semiconductor (INDI) exchanged ADK Class A Units into Class A common stock and sold those Class A shares in the open market over several days.

How many indie Semiconductor (INDI) shares did the insider sell?

The reporting person sold a total of 175,000 shares of Class A common stock in the open market, through trades of 75,000 shares on each of November 17 and November 18, 2025 and 25,000 shares on November 19, 2025.

At what prices were the indie Semiconductor (INDI) shares sold?

The sales were reported at weighted average prices of $3.6596, $3.4962, and $3.4423 per share for the three trading days. Each weighted average covers multiple trades within stated price ranges on those days.

What are ADK Class A Units and how do they relate to indie Semiconductor (INDI) stock?

Each ADK Class A Unit is exchangeable by the reporting person for an equal number of shares of Class A common stock of indie Semiconductor or, at the issuer’s election, for cash equal to the fair market value of those shares. When a unit is exchanged for Class A stock, an equivalent number of Class V common shares is cancelled.

How many indie Semiconductor (INDI) shares does the insider own after these transactions?

Following the reported exchanges and sales, the reporting person directly beneficially owned 82,634 shares of Class A common stock and 4,439,362 shares of Class V common stock.

What is the insider’s relationship to indie Semiconductor (INDI)?

The reporting person is both a director and an officer of indie Semiconductor, serving in the role of President, and filed this Form 4 as an individual reporting person.