[Form 4] Richardson Electronics Ltd Insider Trading Activity

Rhea-AI Filing Summary

Panacea Venture Healthcare Fund II, L.P., its GP and parent entities, and Managing Partner James Huang filed Amendment No. 6 to Schedule 13G for CASI Pharmaceuticals (ticker: CASI) as of 30 Jun 2025.

The group reports beneficial ownership of 2,161,571 ordinary shares, equal to 13.8 % of the 15,506,348 shares outstanding. Of this, the fund holds 2,050,000 shares (13.2 %), while Huang controls options for 111,571 shares that are currently exercisable. Voting and dispositive power over the fund’s shares are shared among the Cayman-registered entities; Huang has sole power over his option shares.

The filers certify the stake was not acquired to influence control. No purchase prices or transaction dates beyond the record date are provided; the amendment chiefly refreshes ownership percentages and organizational details.

Positive

• Panacea Venture Healthcare Fund II’s 13.2 % stake underscores ongoing institutional confidence in CASI’s prospects.
• James Huang’s additional 111,571 option shares align management incentives with shareholder value, lifting total reported interest to 13.8 %.

Negative

• 13.8 % block concentration may reduce free-float liquidity and amplify single-holder influence.
• Lack of declared strategic intent leaves uncertainty regarding future support, activism, or potential exit timing.

Insights

Securities Analyst

TL;DR (24 words)

13G amendment shows Panacea fund & James Huang own 13.8 % of CASI, confirming continued institutional presence but no strategic intent declared.

Detail: The filing signals stable, significant backing from a life-sciences-focused fund. While the stake size may provide support for future capital raises, the absence of activist language suggests neutral impact on governance and near-term share price. Liquidity could tighten due to the concentrated block, yet no lock-up or sale plans are disclosed.

Corporate Governance Expert

TL;DR (25 words)

Disclosure updates beneficial ownership; large Cayman-based fund plus insider options hold 13.8 %. No control ambitions stated, so governance implications remain limited.

The layered ownership structure—LP, GP, holding company—places ultimate control with Huang. Despite aggregated voting power, the 13G (vs. 13D) filing type and explicit certification reduce concerns of an imminent control contest. Investors should still monitor any future switch to a 13D or additional share accumulation as potential governance catalysts.

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).

1. Name and Address of Reporting Person^*

RICHARDSON EDWARD J

(Last) (First) (Middle)

40W267 KESLINGER ROAD PO BOX 393

(Street)

LAFOX IL 60147

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
RICHARDSON ELECTRONICS, LTD. [ RELL ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/21/2025

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
Common Stock	07/21/2025		A		20,000(1)	A	$0	43,114	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
Employee Stock Option (Right to Buy)	$9.73	07/21/2025		A		20,000		07/21/2026(2)	07/21/2035	Common Stock	20,000	$0	20,000	D

Explanation of Responses:

1. Represents a restricted stock award under the Richardson Electronics, Ltd. Amended and Restated 2011 Long-Term Incentive Plan, which shall vest ratably over a three year period, beginning on the first anniversary of the date of issuance.

2. The stock option was granted on July 21, 2025 pursuant to the Richardson Electronics, Ltd. 2011 Amended and Restated Long-Term Incentive Plan. The option vests over 5 years with 1/5 of the total number of shares subject to the option vesting on each anniversary date of grant, until fully vested.

	/s/ Robert J. Ben attorney-in-fact for Edward J. Richardson	07/23/2025
	** 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

How many CASI shares does Panacea Venture Healthcare Fund II own?

The fund holds 2,050,000 ordinary shares, representing 13.2 % of outstanding stock.

What is James Huang’s total ownership in CASI Pharmaceuticals (CASI)?

Including exercisable options, Huang is deemed to beneficially own 2,161,571 shares, or 13.8 % of the company.

Does the Schedule 13G indicate plans to influence CASI’s control?

No. The certification states the securities were not acquired with the purpose or effect of changing or influencing control.

Why was an amendment filed now?

Amendment No. 6 updates ownership percentages based on June 30 2025 data and CASI’s latest share count.

What is the CUSIP number for CASI’s ordinary shares?

The CUSIP is G1933S101.