[Form 4] Wesco International Inc. Insider Trading Activity

Rhea-AI Filing Summary

AN2 Therapeutics, Inc. (NASDAQ: ANTX) filed an 8-K disclosing an unregistered equity exchange with Coastlands Capital Partners LP. On 17 June 2025 and 19 June 2025, Coastlands returned a total of 2.8 million outstanding common shares (2.5 million + 0.3 million) to the company in exchange for an equal number of pre-funded warrants.

• The warrants carry a $0.00001 exercise price and remain exercisable until fully exercised; they contain customary anti-dilution adjustments.
• A 9.99% beneficial-ownership blocker (modifiable to 19.99% with 61-day notice) limits immediate voting concentration.
• The transaction relied on the Securities Act §3(a)(9) exemption; therefore, no registration statement or cash consideration was involved.
• Because the common shares are surrendered, basic share count and near-term dilution decrease until the warrants are exercised; fully-diluted share count is unchanged.

No other financial metrics, earnings data, or operational updates were provided.

Positive

• Short-term reduction in basic outstanding shares may enhance EPS and float scarcity until warrants are exercised.
• Beneficial-ownership blocker (9.99%) limits immediate concentration and potential control issues.

Negative

• Future dilution overhang: the 2.8 million pre-funded warrants can be exercised at any time, restoring prior share count.
• No cash inflow: transaction does not improve liquidity or fund operations.

Insights

Securities Analyst

TL;DR: 2.8 M shares swapped for pre-funded warrants; lowers current share count, neutral cash impact.

The exchange removes 2.8 million shares from the float, marginally improving per-share metrics in the short run. Because the warrants are already economically in-the-money and have an immaterial exercise price, the fully diluted share count and enterprise value are effectively unchanged. The 9.99% blocker reduces concentration risk and potential rapid resale pressure. However, the warrants represent an overhang that can be exercised at any time, limiting long-term benefit. No cash was raised, so the company’s liquidity position is unaffected. Overall impact is operationally neutral and modestly positive for short-term EPS optics.

Corporate Governance Expert

TL;DR: Exchange uses §3(a)(9) to restructure insider holding; minimal governance impact.

By utilizing the §3(a)(9) exemption, AN2 avoided registration while re-papering Coastlands’ stake. The ownership cap aligns with standard governance safeguards, preventing instant control shifts above 9.99%. Because the warrants are non-voting until exercised, voting power is temporarily reduced, diffusing any single-holder influence. Yet, upon exercise (possible on two days’ notice), voting concentration could rebound to prior levels. From a governance standpoint, the mechanism is conventional and neither strengthens nor weakens shareholder rights materially.

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^*

Cameron James

(Last) (First) (Middle)

225 W STATION SQUARE DRIVE

SUITE 700

(Street)

PITTSBURGH PA 15219

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
WESCO INTERNATIONAL INC [ WCC ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & GM, Util & Broadband

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

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	06/30/2025		A		52.2552(1)	A	$0	56,030.9144	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

Explanation of Responses:

1. Represents dividend equivalent rights ("DERs") in connection with the Issuer's quarterly dividend and accrued to the Reporting Person on restricted stock units ("RSUs") held by the Reporting Person. Each DER is the economic equivalent of one share of Issuer's common stock and vests on the same schedule as the underlying award.

	/s/ Michele Nelson, as Attorney-in-Fact	07/02/2025
	** 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 ANTX shares were exchanged for pre-funded warrants?

A total of 2,800,000 shares (2.5 M + 0.3 M) were swapped for warrants.

What is the exercise price of the AN2 Therapeutics pre-funded warrants?

Each warrant is exercisable at $0.00001 per share, effectively in-the-money.

Does the warrant exchange raise cash for AN2 Therapeutics?

No. The exchange was done under Securities Act §3(a)(9) with no cash consideration.

How does the transaction affect AN2 Therapeutics’ share count?

Basic shares outstanding drop by 2.8 M until the warrants are exercised; fully diluted share count is unchanged.

What ownership limits apply to the warrant holder?

The warrants include a 9.99% beneficial-ownership cap, adjustable up to 19.99% after 61 days’ notice.