Investor AB adds 200,000 Nasdaq (NASDAQ: NDAQ) shares in open-market buy

Rhea-AI Filing Summary

Investor AB, a 10% owner of Nasdaq, Inc. (NDAQ), reported an indirect open‑market purchase of 200,000 shares of common stock. The transaction on February 13, 2026 was executed at a weighted average price of $79.1752 per share, across multiple trades between $79.10 and $79.52.

The shares are held directly by Innax AB (formerly Patricia Holding AB), for which Investor AB is the sole shareholder. Following this transaction, entities associated with the reporting person indirectly hold 58,382,426 shares of Nasdaq common stock, with certain parties disclaiming beneficial ownership except to the extent of their pecuniary interest.

Insider Trade Summary

Net Buyer: 200,000 shares ($15,835,040)

Net Buy 1 txn

Insider INVESTOR AB

Role 10% Owner

Bought 200,000 shs ($15.84M)

Type	Security	Shares	Price	Value
Purchase	Common Stock	200,000	$79.1752	$15.84M

Holdings After Transaction: Common Stock — 58,382,426 shares (Indirect, See Footnotes)

Footnotes (1)

1. The price reported in Column 4 is a weighted average price. These shares of common stock, par value $0.01 per share (the "Shares") were purchased in multiple transactions at prices ranging from $79.10 to $79.52 per Share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of Shares purchased at each separate price within the range set forth in this footnote. Reflects Shares of the Issuer held directly by Innax AB (formerly known as Patricia Holding AB). Investor AB is the sole shareholder of Innax AB. Information with respect to each of the Reporting Persons is given solely by such Reporting Person, and no Reporting Person has responsibility for the accuracy or completeness of information supplied by another Reporting Person. Each of the Reporting Persons (other than to the extent it directly holds securities reported herein) disclaims beneficial ownership of the securities held by the other Reporting Persons, except to the extent of such Reporting Person's pecuniary interest therein, and, pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, each of the Reporting Persons (other than to the extent it directly holds securities reported herein) states that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

Form 4 Insider Transactions: What Each Field Means →

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
Estimated average burden
hours per response:			0.5

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^*

INVESTOR AB

(Last) (First) (Middle)

ARSENALSGATAN 8C

(Street)

STOCKHOLM V7 SE-103 32

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NASDAQ, INC. [ NDAQ ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
02/13/2026

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	02/13/2026		P		200,000	A	$79.1752(1)	58,382,426	I	See Footnotes(2)(3)

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

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares of common stock, par value $0.01 per share (the "Shares") were purchased in multiple transactions at prices ranging from $79.10 to $79.52 per Share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of Shares purchased at each separate price within the range set forth in this footnote.

2. Reflects Shares of the Issuer held directly by Innax AB (formerly known as Patricia Holding AB). Investor AB is the sole shareholder of Innax AB.

3. Information with respect to each of the Reporting Persons is given solely by such Reporting Person, and no Reporting Person has responsibility for the accuracy or completeness of information supplied by another Reporting Person. Each of the Reporting Persons (other than to the extent it directly holds securities reported herein) disclaims beneficial ownership of the securities held by the other Reporting Persons, except to the extent of such Reporting Person's pecuniary interest therein, and, pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, each of the Reporting Persons (other than to the extent it directly holds securities reported herein) states that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

	See Exhibit 99.1	02/13/2026
	** 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 Investor AB report in Nasdaq Inc. (NDAQ)?

Investor AB reported an indirect open-market purchase of 200,000 Nasdaq Inc. (NDAQ) common shares. The trade occurred on February 13, 2026, and was executed through multiple transactions, all within a narrow price range around $79 per share.

At what price did Investor AB buy Nasdaq Inc. (NDAQ) shares?

The reported weighted average purchase price was $79.1752 per Nasdaq Inc. (NDAQ) share. The shares were bought in multiple trades, with individual prices ranging from $79.10 to $79.52 per share, as disclosed in the Form 4 footnote.

How many Nasdaq Inc. (NDAQ) shares are indirectly held after this transaction?

After the reported purchase, entities associated with Investor AB indirectly hold 58,382,426 Nasdaq Inc. (NDAQ) common shares. This figure reflects holdings through Innax AB, with certain parties disclaiming beneficial ownership except for their economic, or pecuniary, interest.

Who actually holds the Nasdaq Inc. (NDAQ) shares related to Investor AB?

The Nasdaq Inc. (NDAQ) shares are held directly by Innax AB, formerly Patricia Holding AB. Investor AB is the sole shareholder of Innax AB, so the position is reported as indirect ownership, with specific beneficial ownership subject to pecuniary-interest disclaimers.

What does the Form 4 say about Investor AB’s beneficial ownership in NDAQ?

Each reporting person, including Investor AB, disclaims beneficial ownership of securities held by other reporting persons, except to the extent of their pecuniary interest. The filing states that including these Nasdaq Inc. (NDAQ) securities does not constitute an admission of full beneficial ownership.