Fulgent Genetics (NASDAQ: FLGT) CEO cancels 750,000-share prepaid forward
Filing Impact
Filing Sentiment
Form Type
4/A
Rhea-AI Filing Summary
Fulgent Genetics, Inc. director and CEO Ming Hsieh, through The Ming Hsieh Trust, unwound a prepaid variable forward arrangement involving 750,000 shares of common stock. The trust had previously entered this forward contract with an unaffiliated bank in August 2023.
On March 9, 2026, the Hsieh Trust elected to cancel the agreement for all 750,000 shares and paid an aggregate of $10,708,875 to the bank. After this payment and cancellation, those 750,000 shares held by the trust are no longer pledged to the bank.
Following the reported positions, Ming Hsieh holds 900,634 shares directly and has additional indirect holdings, including 7,895,115 and 220,816 shares held by trusts, plus smaller positions of 1,000 shares each in a minor’s account and by an immediate family member.
Positive
- None.
Negative
- None.
Insider Trade Summary
6 transactions reported
Mixed
6 txns
Insider
Hsieh Ming, Ming Hsieh Trust
Role
Chief Executive Officer | 10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Forward sale contract (obligation to sell) | 750,000 | $0.00 | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Forward sale contract (obligation to sell) — 0 shares (Indirect, By Trust);
Common Stock — 900,634 shares (Direct);
Common Stock — 7,895,115 shares (Indirect, By Trust)
Footnotes (1)
- Securities held by The Ming Hsieh Trust (the "Hsieh Trust"). Mr. Hsieh is the trustee of the Hsieh Trust and possesses the sole voting and dispositive power with respect to securities held by the Hsieh Trust. Securities held by the Dynasty Trust. Mr. Hsieh is the grantor of the Dynasty Trust and he and his spouse, Eva Hsieh, and Jian Xie serve on the investment committee of the Dynasty Trust. Mr. Hsieh disclaims any beneficial interest except with respect to any pecuniary interest therein. Shares held in a Uniform Transfers to Minor Act account for which Ming Hsieh acts as custodian and possesses the sole voting and dispositive power. Shares, which were previously held in a Uniform Transfers to Minor Act account, now held by an immediate family member residing in the same household as Ming Hsieh. Previously, on August 21, 2023, the Hsieh Trust entered into a prepaid variable forward agreement (the "2023 Agreement") with an unaffiliated bank (the "Bank"). The 2023 Agreement obligated the Hsieh Trust to deliver up to 750,000 shares of the issuer's common stock, $0.0001 par value per share ("Common Stock") (or, at the Hsieh Trust's election, an equivalent amount of cash) to settle the 2023 Agreement. On March 9, 2026, the Hsieh Trust elected to cancel the 2023 Agreement with respect to all 750,000 shares. In connection with the cancellation, the Hsieh Trust paid an aggregate of $10,708,875 to the Bank. Following the payment and cancellation described above, the 750,000 shares held by the reporting person that were previously subject to the prepaid forward contract are no longer pledged to the Bank.
Key Figures
Forward contract shares: 750,000 shares
Cancellation payment: $10,708,875
Direct holdings: 900,634 shares
+4 more
7 metrics
Forward contract shares
750,000 shares
Shares subject to prepaid variable forward cancelled on March 9, 2026
Cancellation payment
$10,708,875
Aggregate amount paid by Hsieh Trust to bank on cancellation
Direct holdings
900,634 shares
Common stock directly held by Ming Hsieh after reported transactions
Trust holdings (Hsieh Trust)
7,895,115 shares
Common stock held indirectly by trust with Ming Hsieh as trustee
Additional trust holdings
220,816 shares
Common stock held indirectly by another trust associated with Ming Hsieh
UTMA account holdings
1,000 shares
Common stock in Uniform Transfers to Minor Act account with Hsieh as custodian
Immediate family holdings
1,000 shares
Common stock held by an immediate family member in same household
Key Terms
prepaid variable forward agreement, Uniform Transfers to Minor Act account, dispositive power, beneficial interest, +1 more
5 terms
prepaid variable forward agreement financial
"Previously, on August 21, 2023, the Hsieh Trust entered into a prepaid variable forward agreement (the "2023 Agreement") with an unaffiliated bank"
Uniform Transfers to Minor Act account financial
"Shares held in a Uniform Transfers to Minor Act account for which Ming Hsieh acts as custodian"
dispositive power financial
"Mr. Hsieh is the trustee of the Hsieh Trust and possesses the sole voting and dispositive power with respect to securities held by the Hsieh Trust"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
beneficial interest financial
"Mr. Hsieh disclaims any beneficial interest except with respect to any pecuniary interest therein"
pecuniary interest financial
"Mr. Hsieh disclaims any beneficial interest except with respect to any pecuniary interest therein"
FAQ
What did FLGT CEO Ming Hsieh change in his forward contract on March 9, 2026?
Ming Hsieh’s trust cancelled a prepaid variable forward covering 750,000 Fulgent Genetics shares. The trust paid $10,708,875 to the bank, and those shares, previously pledged under the contract, are now fully unencumbered and remain held by the trust.
How much did the Ming Hsieh Trust pay to cancel the FLGT forward agreement?
To cancel the prepaid variable forward agreement, the Ming Hsieh Trust paid the unaffiliated bank an aggregate of $10,708,875. Following this payment, the 750,000 Fulgent Genetics shares subject to the contract were released from their prior pledge to the bank.
What indirect FLGT holdings are reported for trusts associated with Ming Hsieh?
Indirectly, filings show 7,895,115 and 220,816 Fulgent Genetics shares held by trusts associated with Ming Hsieh. He serves as trustee or on an investment committee, with stated voting or investment powers and specific beneficial interest disclaimers described in the accompanying footnotes.