[Form 4] ADVANCED DRAINAGE SYSTEMS, INC. Insider Trading Activity

Rhea-AI Filing Summary

On July 21, 2025, Brand Engagement Network Inc. (Nasdaq: BNAI) filed an Form 8-K stating that the Board has postponed the 2025 Annual Meeting of Shareholders, originally scheduled for July 22, 2025. The delay is intended to better align the meeting with the Company’s current strategic priorities.

The Board will announce (i) a new meeting date, (ii) a new record date for voting eligibility, and (iii) a revised deadline for shareholder proposals, all to be disclosed in a future notice consistent with the Company’s bylaws and SEC regulations. No financial metrics, earnings updates or transaction‐related information were included in this filing.

The postponement adds timing uncertainty to governance matters—such as director elections and any shareholder proposals—but does not currently affect operations, capital structure or listed securities (BNAI common stock and BNAIW warrants remain traded on Nasdaq).

Insights

Corporate Governance Expert

TL;DR: Meeting delay raises modest governance uncertainty but has limited immediate financial impact.

Assessment: Postponing an annual meeting is procedurally straightforward and often neutral, provided the Company promptly sets a new date and record date. Investors should watch for (1) whether strategic priorities prompt substantive agenda changes and (2) any shareholder activism that could exploit the delay. The absence of other material disclosures suggests no immediate operational issues. Overall, this is a timing event rather than a value-changing event.

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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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^*

Seetharam Anil

(Last) (First) (Middle)

200 CLARENDON STREET

FLOOR 35

(Street)

BOSTON MA 02116

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ADVANCED DRAINAGE SYSTEMS, INC. [ WMS ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/17/2025

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
Common Stock	07/17/2025		A		1,967	A	$0	14,458	D
Common Stock								1,196	I	By Family Trusts

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:

	/s/ Anil Seetharam, by Scott A. Cottrill as attorney-in-fact	07/21/2025
	** 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).
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