RANI Form 4: Insider sells 5.923M shares across two sessions

Rhea-AI Filing Summary

Rani Therapeutics (RANI) reported insider share sales on a Form 4. The reporting person executed open‑market sales of Class A common stock on two dates. On 10/20/2025, they sold 1,923,000 shares at a weighted average price of $2.4115. On 10/21/2025, they sold 4,000,000 shares at a weighted average price of $2.7685.

Following these transactions, the reporting person beneficially owned 2,379,194 shares, held indirectly through South Lake One LLC. The filing notes that the weighted average prices reflect multiple trades within ranges of $2.25–$2.61 and $2.50–$3.09, and detailed trade breakdowns are available upon request. The ownership is reported as indirect, and the form was filed by one reporting person.

Insights

Equity Governance Analyst

Large insider sales by a director via an affiliated LLC reduce beneficial holdings; typically a negative governance signal.

A director reported open-market sales of Rani Therapeutics Class A common stock on 10/20/2025 and 10/21/2025. The sales were executed through **South Lake One LLC**, with weighted average prices of $2.4115 (range $2.25–$2.61) for 1,923,000 shares and $2.7685 (range $2.50–$3.09) for 4,000,000 shares.

Following these transactions, the reported beneficial ownership decreased to 2,379,194 Class A shares held indirectly. The filing identifies the ownership chain: **South Cone Investments Limited Partnership** directly owns 100% of the membership interest of **South Lake One LLC**. Transaction code "S" denotes open-market sales. Form 4 timing on 10/22/2025 provides prompt disclosure but does not state a Rule 10b5-1 trading plan.

What to watch: any subsequent Form 4s indicating continued selling, and updated beneficial ownership levels for these affiliated entities. The key near-term marker is whether additional sales occur after 10/21/2025, which would further change the indirect stake. The weighted-average price ranges indicate multiple fills; detailed breakdowns are available upon request per the footnotes.

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

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X

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^*

South Cone Investments Limited Partnership

(Last) (First) (Middle)

AVENIDA PRESIDENTE RIESCO 5711,

OFICINA 1603, LAS CONDES

(Street)

SANTIAGO F3 7550000

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Rani Therapeutics Holdings, Inc. [ RANI ]

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)
10/20/2025

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 A Common Stock	10/20/2025		S		1,923,000	D	$2.4115(1)	6,379,194	I	Shares indirectly held through South Lake One LLC(2)
Class A Common Stock	10/21/2025		S		4,000,000	D	$2.7685(3)	2,379,194	I	Shares indirectly held through South Lake One LLC(2)

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 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $2.25 to $2.61, inclusive. The reporting person undertakes to provide to Rani Therapeutics Holdings, Inc. ("Rani"), any security holder of Rani, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

2. South Cone Investments Limited Partnership directly owns 100% of the issued and outstanding membership interest of South Lake One LLC.

3. The price reported is a weighted average price. The shares were sold in multiple transactions at prices ranging from $2.50 to $3.09, inclusive. The reporting person undertakes to provide to Rani, any security holder of Rani, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

	/s/ Martin Abraham Guiloff Salvador and /s/ Luis Felipe Correa Gonzalez, Managers of South Lake One LLC	10/22/2025
	/s/ Martin Abraham Guiloff Salvador and /s/ Luis Felipe Correa Gonzalez, Managers of South Lake Management LLC, as General Partner of South Cone Investments Limited Partnership	10/22/2025
	** 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 transactions were reported for RANI?

Open‑market sales of Class A common stock on 10/20/2025 and 10/21/2025 totaling 5,923,000 shares were reported.

At what prices were the RANI shares sold?

Weighted average prices were $2.4115 on 10/20/2025 and $2.7685 on 10/21/2025, across ranges of $2.25–$2.61 and $2.50–$3.09.

How many RANI shares does the reporting person own after the sales?

After the transactions, the reporting person beneficially owned 2,379,194 shares.

How is the ownership of RANI shares held by the reporting person structured?

Ownership is indirect, with shares held through South Lake One LLC.

Who can request detailed trade information for the reported RANI sales?

Rani Therapeutics, any Rani security holder, or SEC staff may request full trade details, per the filing’s footnotes.

Was the Form 4 filed by one or multiple reporting persons?

The form indicates it was filed by one reporting person.