IRSA insider exercises warrants for 13M shares
Accepted by SEC EDGAR
Learn about SEC filing dates
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
4
Rhea-AI Filing Summary
IRSA Investments & Representations Inc. insider Eduardo S. Elsztain reported an indirect cashless exercise of warrants into common shares through CRESUD S.A.C.I.F. y A. On May 12, 2026, warrants to purchase 9,710,622 common shares were exercised at a cashless ratio of 1.3398, resulting in 13,010,290 common shares. Following the transactions, indirect holdings reported as common shares were 182,481,277, with Elsztain disclaiming beneficial ownership beyond his pecuniary interest.
Insider Trade Summary
9,710,622 shares exercised/converted
Exercise
2 txns
Insider
ELSZTAIN EDUARDO S
Role
Director, 10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| In-the-Money Exercise | Warrants to Purchase Common Shares | 9,710,622 | $0.00 | $0.00 |
| In-the-Money Exercise | Common Shares | 13,010,290 | $0.00 | $0.00 |
Holdings After Transaction:
Warrants to Purchase Common Shares — 0 contracts (Indirect, See Footnote);
Common Shares — 182,481,277 shares (Indirect, See Footnote)
Holdings Before and After:
Warrants to Purchase Common Shares, 9,710,622 to 0 contracts (Indirect, See Footnote);
Common Shares, 169,470,987 to 182,481,277 shares (Indirect, See Footnote)
Footnotes (2)
- F1. The Reporting Person received 13,010,290 common shares as a result of the cashless exercise of 9,710,622 warrants executed by Cresud S.A.C.I.F. y A. The cashless exercise ratio (1.3398) was determined in accordance with the notice filed by Caja de Valores S.A. (CVSA) in Argentina on May 11, 2026.
- F2. Indirect ownership through CRESUD S.A,C,I,F y A. (39,12% equity interest). The reporting person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
Key Figures
Common shares received: 13,010,290 shares
Warrants exercised: 9,710,622 warrants
Cashless exercise ratio: 1.3398
+3 more
6 metrics
Common shares received
13,010,290 shares
Common shares received from cashless warrant exercise on May 12, 2026
Warrants exercised
9,710,622 warrants
Warrants to purchase common shares exercised on May 12, 2026
Cashless exercise ratio
1.3398
Ratio determined by Caja de Valores S.A. notice on May 11, 2026
Warrant exercise price
$0.2641 per share
Conversion or exercise price for warrants to purchase common shares
Indirect holdings after transaction
182,481,277 shares
Total common shares reported as indirectly owned after exercise
Derivative warrants remaining
0 warrants
Total shares following transaction for derivative position
Key Terms
cashless exercise, warrants to purchase common shares, pecuniary interest, indirect ownership, +1 more
5 terms
cashless exercise financial
"received 13,010,290 common shares as a result of the cashless exercise of 9,710,622 warrants"
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.
pecuniary interest financial
"disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein"
indirect ownership financial
"Indirect ownership through CRESUD S.A,C,I,F y A. (39,12% equity interest)"
derivative security financial
"Exercise of in-the-money or at-the-money derivative security"
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transaction did IRSA (IRS) disclose in this Form 4?
IRSA disclosed that an entity associated with Eduardo S. Elsztain exercised warrants to acquire common shares through a cashless exercise. The transaction converted derivative warrants into 13,010,290 common shares, increasing reported indirect common share holdings.
What was the warrant exercise ratio and price in the IRSA (IRS) filing?
The cashless exercise used a 1.3398 ratio, turning each warrant into more than one share without cash payment. The warrants carried a stated exercise price of $0.2641 per underlying common share before being exercised on May 12, 2026.
Who actually executed the warrants in the IRSA (IRS) Form 4?
The warrants were executed by CRESUD S.A.C.I.F. y A., which indirectly holds the securities. Eduardo S. Elsztain reports the holdings indirectly and disclaims beneficial ownership of those shares beyond his pecuniary interest in Cresud.
What are Eduardo S. Elsztain’s reported IRSA (IRS) holdings after the transaction?
After the transaction, the Form 4 shows 182,481,277 IRSA common shares reported as indirectly owned. These shares are held through CRESUD S.A.C.I.F. y A., with Elsztain’s interest limited to his pecuniary stake, as stated in the footnote.
Were any IRSA (IRS) warrants left outstanding after this exercise?
The data indicate 9,710,622 warrants were exercised, with zero derivative warrants remaining in the reported position. This means the visible warrant position in this filing was fully converted into common shares as of May 12, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
