[144] Bicycle Therapeutics plc American SEC Filing
SEC Form 4 filed for First Guaranty Bancshares, Inc. (FGBI) discloses that director Edgar R. Smith III markedly increased his ownership on 30 June 2025.
- Open-market purchase: 30,865 common shares acquired at $8.10 (Code P).
- Debt-for-equity exchange: 1,981,506 new shares issued at $7.57 in exchange for a $15 million floating-rate subordinated note under an Exchange Agreement dated 16 June 2025.
- Note amendments: 88,482 shares issued at $8.00 to Smith & Tate Investments, LLC pursuant to amendments to an existing promissory note and a subordinated note.
Following these transactions, Smith reports 2,852,467 shares held directly. Indirectly, he controls additional positions through several LLCs, including Smith & Hood Holding Company, LLC (1,062,817 shares) and three other investment entities, taking total reported beneficial ownership well above three million shares.
The filing signals a net addition of roughly 2.1 million shares, replacing interest-bearing debt with equity and reflecting continued insider confidence. Because the new shares were issued below recent market purchases ($7.57 vs. $8.10), the company reduces debt at a valuation apparently acceptable to both parties while the director deepens alignment with common shareholders.
Il modulo SEC Form 4 presentato per First Guaranty Bancshares, Inc. (FGBI) rivela che il direttore Edgar R. Smith III ha aumentato significativamente la sua partecipazione azionaria il 30 giugno 2025.
- Acquisto sul mercato aperto: 30.865 azioni ordinarie acquistate a 8,10 $ (Codice P).
- Scambio debito-per-equit脿: 1.981.506 nuove azioni emesse a 7,57 $ in cambio di una nota subordinata a tasso variabile da 15 milioni di dollari, secondo un Accordo di Scambio datato 16 giugno 2025.
- Modifiche alla nota: 88.482 azioni emesse a 8,00 $ a Smith & Tate Investments, LLC in base alle modifiche di una nota di credito esistente e di una nota subordinata.
Dopo queste operazioni, Smith detiene direttamente 2.852.467 azioni. Indirettamente, controlla ulteriori posizioni tramite diverse LLC, tra cui Smith & Hood Holding Company, LLC (1.062.817 azioni) e altre tre entit脿 di investimento, portando la partecipazione azionaria complessiva ben oltre i tre milioni di azioni.
La comunicazione segnala un incremento netto di circa 2,1 milioni di azioni, sostituendo debito oneroso con capitale proprio e riflettendo la continua fiducia degli insider. Poich茅 le nuove azioni sono state emesse a un prezzo inferiore rispetto agli acquisti recenti sul mercato (7,57 $ contro 8,10 $), la societ脿 riduce il debito a una valutazione apparentemente accettabile per entrambe le parti, mentre il direttore rafforza il suo allineamento con gli azionisti comuni.
El formulario SEC Form 4 presentado para First Guaranty Bancshares, Inc. (FGBI) revela que el director Edgar R. Smith III aument贸 significativamente su participaci贸n el 30 de junio de 2025.
- Compra en mercado abierto: 30,865 acciones comunes adquiridas a $8.10 (C贸digo P).
- Intercambio deuda-por-capital: 1,981,506 nuevas acciones emitidas a $7.57 a cambio de un pagar茅 subordinado a tasa flotante de $15 millones bajo un Acuerdo de Intercambio fechado el 16 de junio de 2025.
- Enmiendas al pagar茅: 88,482 acciones emitidas a $8.00 a Smith & Tate Investments, LLC conforme a modificaciones de un pagar茅 existente y un pagar茅 subordinado.
Tras estas transacciones, Smith reporta 2,852,467 acciones en propiedad directa. Indirectamente, controla posiciones adicionales a trav茅s de varias LLC, incluyendo Smith & Hood Holding Company, LLC (1,062,817 acciones) y otras tres entidades de inversi贸n, elevando la propiedad beneficiaria total reportada a m谩s de tres millones de acciones.
La presentaci贸n indica una adici贸n neta de aproximadamente 2.1 millones de acciones, reemplazando deuda con intereses por capital y reflejando la continua confianza de los internos. Dado que las nuevas acciones se emitieron por debajo de las compras recientes en el mercado ($7.57 frente a $8.10), la compa帽铆a reduce deuda a una valoraci贸n aparentemente aceptable para ambas partes mientras el director refuerza su alineaci贸n con los accionistas comunes.
First Guaranty Bancshares, Inc. (FGBI)鞐� 雽�頃� 鞝滌稖霅� SEC Form 4 氍胳劀鞐� 霐半ゴ氅� 鞚挫偓 Edgar R. Smith III臧赌 2025雲� 6鞗� 30鞚�鞐� 氤挫湢 歆�攵勳潉 韥矊 電橂牳鞀惦媹雼�.
- 瓿店皽鞁滌灔 毵れ垬: 30,865欤� 氤错喌欤茧ゼ 欤茧嫻 $8.10鞐� 旆摑(旖旊摐 P).
- 毂勲-欤检嫕 甑愴櫂: 2025雲� 6鞗� 16鞚检瀽 甑愴櫂 瓿勳暯鞐� 霐半澕 1,981,506欤检潣 鞁犾＜毳� 欤茧嫻 $7.57鞐� 氚滍枆, 1,500毵� 雼煬 氤�霃欔笀毽� 頉勳垳鞙� 毂勱秾瓿� 甑愴櫂.
- 毂勱秾 靾橃爼: 旮办〈 鞎届啀鞏挫潓瓿� 頉勳垳鞙� 毂勱秾 靾橃爼鞐� 霐半澕 Smith & Tate Investments, LLC鞐� 欤茧嫻 $8.00鞐� 88,482欤� 氚滍枆.
鞚� 瓯半灅 鞚错泟 Smith電� 歆侅爲鞝侅溂搿� 2,852,467欤茧ゼ 氤挫湢頃橁碃 鞛堨姷雼堧嫟. 臧勳爲鞝侅溂搿滊姅 Smith & Hood Holding Company, LLC(1,062,817欤�)鞕� 旮绊儉 3臧� 韴瀽 氩曥澑鞚� 韱淀暣 於旉岸� 歆�攵勳潉 韱奠牅頃橃棳 齑� 氤搓碃霅� 鞁れ 靻岇湢 欤检嫕 靾橂姅 300毵� 欤茧ゼ 頉敩 雱橃姷雼堧嫟.
鞚措矆 鞁犼碃電� 鞎� 210毵� 欤检潣 靾滌臧赌毳� 雮橅儉雮措┌, 鞚挫瀽 攵�毂勲ゼ 欤检嫕鞙茧 雽�觳错晿瓿� 雮措秬鞛愳潣 歆�靻嶌爜鞚� 鞁犽毳� 氚橃榿頃╇媹雼�. 鞁犼窚 欤检嫕鞚� 斓滉芳 鞁滌灔 毵れ垬 臧赌瓴�($7.57 雽� $8.10)氤措嫟 雮潃 臧赌瓴╈棎 氚滍枆霅橃柎 須岇偓電� 鞏戩浮 氇憪 靾橃毄 臧赌電ロ暅 韽夑岸碾 攵�毂勲ゼ 欷勳澊瓿� 鞚挫偓電� 氤错喌欤� 欤检＜鞕�鞚� 鞚错暣甏�瓿勲ゼ 雿旍毐 臧曧檾頄堨姷雼堧嫟.
Le formulaire SEC Form 4 d茅pos茅 pour First Guaranty Bancshares, Inc. (FGBI) r茅v猫le que le directeur Edgar R. Smith III a consid茅rablement augment茅 sa participation le 30 juin 2025.
- Achat sur le march茅 libre : 30 865 actions ordinaires acquises 脿 8,10 $ (Code P).
- 脡change dette contre actions : 1 981 506 nouvelles actions 茅mises 脿 7,57 $ en 茅change d鈥檜ne note subordonn茅e 脿 taux variable de 15 millions de dollars dans le cadre d鈥檜n accord d鈥櫭ヽhange dat茅 du 16 juin 2025.
- Modifications de la note : 88 482 actions 茅mises 脿 8,00 $ 脿 Smith & Tate Investments, LLC conform茅ment aux modifications d鈥檜n billet 脿 ordre existant et d鈥檜ne note subordonn茅e.
Apr猫s ces transactions, Smith d茅tient directement 2 852 467 actions. Indirectement, il contr么le des positions suppl茅mentaires via plusieurs LLC, dont Smith & Hood Holding Company, LLC (1 062 817 actions) et trois autres entit茅s d鈥檌nvestissement, portant la propri茅t茅 b茅n茅ficiaire totale d茅clar茅e bien au-del脿 de trois millions d鈥檃ctions.
Le d茅p么t indique une augmentation nette d鈥檈nviron 2,1 millions d鈥檃ctions, rempla莽ant une dette portant int茅r锚t par des capitaux propres et refl茅tant la confiance continue des initi茅s. Comme les nouvelles actions ont 茅t茅 茅mises en dessous des achats r茅cents sur le march茅 (7,57 $ contre 8,10 $), la soci茅t茅 r茅duit sa dette 脿 une valorisation apparemment acceptable pour les deux parties tandis que le directeur renforce son alignement avec les actionnaires ordinaires.
Das eingereichte SEC Formular 4 f眉r First Guaranty Bancshares, Inc. (FGBI) zeigt, dass der Direktor Edgar R. Smith III am 30. Juni 2025 seinen Anteil deutlich erh枚ht hat.
- Kauf am offenen Markt: 30.865 Stammaktien zu je 8,10 $ erworben (Code P).
- Schuld-gegen-Eigenkapital-Tausch: 1.981.506 neue Aktien zu 7,57 $ ausgegeben im Tausch gegen eine 15-Millionen-Dollar-Nachrang-Anleihe mit variablem Zinssatz gem盲脽 einem Austauschvertrag vom 16. Juni 2025.
- 脛nderungen an Schuldverschreibungen: 88.482 Aktien zu 8,00 $ an Smith & Tate Investments, LLC ausgegeben aufgrund von 脛nderungen an einem bestehenden Schuldschein und einer Nachrangschuldverschreibung.
Nach diesen Transaktionen h盲lt Smith direkt 2.852.467 Aktien. Indirekt kontrolliert er weitere Positionen 眉ber mehrere LLCs, darunter Smith & Hood Holding Company, LLC (1.062.817 Aktien) und drei weitere Investmentgesellschaften, was die gemeldete Gesamtbeteiligung auf 眉ber drei Millionen Aktien erh枚ht.
Die Meldung signalisiert eine Nettozunahme von etwa 2,1 Millionen Aktien, ersetzt verzinsliche Schulden durch Eigenkapital und spiegelt das anhaltende Vertrauen der Insider wider. Da die neuen Aktien unter dem Preis der j眉ngsten Marktk盲ufe ausgegeben wurden (7,57 $ vs. 8,10 $), reduziert das Unternehmen seine Schulden zu einer f眉r beide Parteien offenbar akzeptablen Bewertung, w盲hrend der Direktor seine Ausrichtung mit den Stammaktion盲ren vertieft.
- $15 million subordinated note retired in exchange for equity, reducing leverage and future interest expense.
- Director purchased and received ~2.1 million shares, signalling insider confidence and stronger alignment with common shareholders.
- Share issuance dilutes existing shareholders by increasing the outstanding share count.
- Large insider concentration may raise governance concerns regarding voting control.
Insights
TL;DR Director converts $15 m debt into equity and buys more shares, lowering leverage and showing insider confidence; dilution risk modest.
Debt-for-equity conversion: The exchange of a $15 million subordinated note for 1.98 million shares at $7.57 removes a future interest expense stream and lengthens common equity, marginally improving Tier 1 capital metrics. At the stated price, the implied conversion multiple is roughly 0.76脳 tangible book (assuming TBV near $10), suggesting the company issued shares at a discount but still eliminates costly debt.
Open-market buy: Smith鈥檚 additional 30,865-share purchase at $8.10鈥攁bove the negotiated exchange price鈥攔einforces a bullish insider signal.
Dilution considerations: The newly issued shares enlarge the float by about 18% if the company previously had ~11 million shares outstanding (exact figure not provided), a factor investors should weigh against the balance-sheet de-risking.
Net impact: Positive; strengthens capital and demonstrates insider commitment, though valuation impact hinges on how investors price the incremental shares.
TL;DR Large insider ownership increase enhances alignment but concentrated control rises; governance impact mixed.
The filing lifts Smith鈥檚 direct stake to 2.85 million shares, plus significant indirect holdings via multiple LLCs. Such concentration can be beneficial鈥攁ligning management with shareholder value鈥攜et it also increases voting power that may sway strategic decisions. The disclosures satisfy Section 16 requirements, and the explicit disclaimer of pecuniary interest in certain entities mitigates conflict-of-interest concerns.
Overall, governance risk remains moderate; transparency is adequate, and insider participation in capital restructuring may reassure minority investors.
Il modulo SEC Form 4 presentato per First Guaranty Bancshares, Inc. (FGBI) rivela che il direttore Edgar R. Smith III ha aumentato significativamente la sua partecipazione azionaria il 30 giugno 2025.
- Acquisto sul mercato aperto: 30.865 azioni ordinarie acquistate a 8,10 $ (Codice P).
- Scambio debito-per-equit脿: 1.981.506 nuove azioni emesse a 7,57 $ in cambio di una nota subordinata a tasso variabile da 15 milioni di dollari, secondo un Accordo di Scambio datato 16 giugno 2025.
- Modifiche alla nota: 88.482 azioni emesse a 8,00 $ a Smith & Tate Investments, LLC in base alle modifiche di una nota di credito esistente e di una nota subordinata.
Dopo queste operazioni, Smith detiene direttamente 2.852.467 azioni. Indirettamente, controlla ulteriori posizioni tramite diverse LLC, tra cui Smith & Hood Holding Company, LLC (1.062.817 azioni) e altre tre entit脿 di investimento, portando la partecipazione azionaria complessiva ben oltre i tre milioni di azioni.
La comunicazione segnala un incremento netto di circa 2,1 milioni di azioni, sostituendo debito oneroso con capitale proprio e riflettendo la continua fiducia degli insider. Poich茅 le nuove azioni sono state emesse a un prezzo inferiore rispetto agli acquisti recenti sul mercato (7,57 $ contro 8,10 $), la societ脿 riduce il debito a una valutazione apparentemente accettabile per entrambe le parti, mentre il direttore rafforza il suo allineamento con gli azionisti comuni.
El formulario SEC Form 4 presentado para First Guaranty Bancshares, Inc. (FGBI) revela que el director Edgar R. Smith III aument贸 significativamente su participaci贸n el 30 de junio de 2025.
- Compra en mercado abierto: 30,865 acciones comunes adquiridas a $8.10 (C贸digo P).
- Intercambio deuda-por-capital: 1,981,506 nuevas acciones emitidas a $7.57 a cambio de un pagar茅 subordinado a tasa flotante de $15 millones bajo un Acuerdo de Intercambio fechado el 16 de junio de 2025.
- Enmiendas al pagar茅: 88,482 acciones emitidas a $8.00 a Smith & Tate Investments, LLC conforme a modificaciones de un pagar茅 existente y un pagar茅 subordinado.
Tras estas transacciones, Smith reporta 2,852,467 acciones en propiedad directa. Indirectamente, controla posiciones adicionales a trav茅s de varias LLC, incluyendo Smith & Hood Holding Company, LLC (1,062,817 acciones) y otras tres entidades de inversi贸n, elevando la propiedad beneficiaria total reportada a m谩s de tres millones de acciones.
La presentaci贸n indica una adici贸n neta de aproximadamente 2.1 millones de acciones, reemplazando deuda con intereses por capital y reflejando la continua confianza de los internos. Dado que las nuevas acciones se emitieron por debajo de las compras recientes en el mercado ($7.57 frente a $8.10), la compa帽铆a reduce deuda a una valoraci贸n aparentemente aceptable para ambas partes mientras el director refuerza su alineaci贸n con los accionistas comunes.
First Guaranty Bancshares, Inc. (FGBI)鞐� 雽�頃� 鞝滌稖霅� SEC Form 4 氍胳劀鞐� 霐半ゴ氅� 鞚挫偓 Edgar R. Smith III臧赌 2025雲� 6鞗� 30鞚�鞐� 氤挫湢 歆�攵勳潉 韥矊 電橂牳鞀惦媹雼�.
- 瓿店皽鞁滌灔 毵れ垬: 30,865欤� 氤错喌欤茧ゼ 欤茧嫻 $8.10鞐� 旆摑(旖旊摐 P).
- 毂勲-欤检嫕 甑愴櫂: 2025雲� 6鞗� 16鞚检瀽 甑愴櫂 瓿勳暯鞐� 霐半澕 1,981,506欤检潣 鞁犾＜毳� 欤茧嫻 $7.57鞐� 氚滍枆, 1,500毵� 雼煬 氤�霃欔笀毽� 頉勳垳鞙� 毂勱秾瓿� 甑愴櫂.
- 毂勱秾 靾橃爼: 旮办〈 鞎届啀鞏挫潓瓿� 頉勳垳鞙� 毂勱秾 靾橃爼鞐� 霐半澕 Smith & Tate Investments, LLC鞐� 欤茧嫻 $8.00鞐� 88,482欤� 氚滍枆.
鞚� 瓯半灅 鞚错泟 Smith電� 歆侅爲鞝侅溂搿� 2,852,467欤茧ゼ 氤挫湢頃橁碃 鞛堨姷雼堧嫟. 臧勳爲鞝侅溂搿滊姅 Smith & Hood Holding Company, LLC(1,062,817欤�)鞕� 旮绊儉 3臧� 韴瀽 氩曥澑鞚� 韱淀暣 於旉岸� 歆�攵勳潉 韱奠牅頃橃棳 齑� 氤搓碃霅� 鞁れ 靻岇湢 欤检嫕 靾橂姅 300毵� 欤茧ゼ 頉敩 雱橃姷雼堧嫟.
鞚措矆 鞁犼碃電� 鞎� 210毵� 欤检潣 靾滌臧赌毳� 雮橅儉雮措┌, 鞚挫瀽 攵�毂勲ゼ 欤检嫕鞙茧 雽�觳错晿瓿� 雮措秬鞛愳潣 歆�靻嶌爜鞚� 鞁犽毳� 氚橃榿頃╇媹雼�. 鞁犼窚 欤检嫕鞚� 斓滉芳 鞁滌灔 毵れ垬 臧赌瓴�($7.57 雽� $8.10)氤措嫟 雮潃 臧赌瓴╈棎 氚滍枆霅橃柎 須岇偓電� 鞏戩浮 氇憪 靾橃毄 臧赌電ロ暅 韽夑岸碾 攵�毂勲ゼ 欷勳澊瓿� 鞚挫偓電� 氤错喌欤� 欤检＜鞕�鞚� 鞚错暣甏�瓿勲ゼ 雿旍毐 臧曧檾頄堨姷雼堧嫟.
Le formulaire SEC Form 4 d茅pos茅 pour First Guaranty Bancshares, Inc. (FGBI) r茅v猫le que le directeur Edgar R. Smith III a consid茅rablement augment茅 sa participation le 30 juin 2025.
- Achat sur le march茅 libre : 30 865 actions ordinaires acquises 脿 8,10 $ (Code P).
- 脡change dette contre actions : 1 981 506 nouvelles actions 茅mises 脿 7,57 $ en 茅change d鈥檜ne note subordonn茅e 脿 taux variable de 15 millions de dollars dans le cadre d鈥檜n accord d鈥櫭ヽhange dat茅 du 16 juin 2025.
- Modifications de la note : 88 482 actions 茅mises 脿 8,00 $ 脿 Smith & Tate Investments, LLC conform茅ment aux modifications d鈥檜n billet 脿 ordre existant et d鈥檜ne note subordonn茅e.
Apr猫s ces transactions, Smith d茅tient directement 2 852 467 actions. Indirectement, il contr么le des positions suppl茅mentaires via plusieurs LLC, dont Smith & Hood Holding Company, LLC (1 062 817 actions) et trois autres entit茅s d鈥檌nvestissement, portant la propri茅t茅 b茅n茅ficiaire totale d茅clar茅e bien au-del脿 de trois millions d鈥檃ctions.
Le d茅p么t indique une augmentation nette d鈥檈nviron 2,1 millions d鈥檃ctions, rempla莽ant une dette portant int茅r锚t par des capitaux propres et refl茅tant la confiance continue des initi茅s. Comme les nouvelles actions ont 茅t茅 茅mises en dessous des achats r茅cents sur le march茅 (7,57 $ contre 8,10 $), la soci茅t茅 r茅duit sa dette 脿 une valorisation apparemment acceptable pour les deux parties tandis que le directeur renforce son alignement avec les actionnaires ordinaires.
Das eingereichte SEC Formular 4 f眉r First Guaranty Bancshares, Inc. (FGBI) zeigt, dass der Direktor Edgar R. Smith III am 30. Juni 2025 seinen Anteil deutlich erh枚ht hat.
- Kauf am offenen Markt: 30.865 Stammaktien zu je 8,10 $ erworben (Code P).
- Schuld-gegen-Eigenkapital-Tausch: 1.981.506 neue Aktien zu 7,57 $ ausgegeben im Tausch gegen eine 15-Millionen-Dollar-Nachrang-Anleihe mit variablem Zinssatz gem盲脽 einem Austauschvertrag vom 16. Juni 2025.
- 脛nderungen an Schuldverschreibungen: 88.482 Aktien zu 8,00 $ an Smith & Tate Investments, LLC ausgegeben aufgrund von 脛nderungen an einem bestehenden Schuldschein und einer Nachrangschuldverschreibung.
Nach diesen Transaktionen h盲lt Smith direkt 2.852.467 Aktien. Indirekt kontrolliert er weitere Positionen 眉ber mehrere LLCs, darunter Smith & Hood Holding Company, LLC (1.062.817 Aktien) und drei weitere Investmentgesellschaften, was die gemeldete Gesamtbeteiligung auf 眉ber drei Millionen Aktien erh枚ht.
Die Meldung signalisiert eine Nettozunahme von etwa 2,1 Millionen Aktien, ersetzt verzinsliche Schulden durch Eigenkapital und spiegelt das anhaltende Vertrauen der Insider wider. Da die neuen Aktien unter dem Preis der j眉ngsten Marktk盲ufe ausgegeben wurden (7,57 $ vs. 8,10 $), reduziert das Unternehmen seine Schulden zu einer f眉r beide Parteien offenbar akzeptablen Bewertung, w盲hrend der Direktor seine Ausrichtung mit den Stammaktion盲ren vertieft.
FAQ
How many FGBI shares did Edgar R. Smith III acquire on 30 June 2025?
What price was used in the debt-for-equity exchange at First Guaranty Bancshares?
How much debt did FGBI eliminate through the exchange with Edgar R. Smith III?
What is Edgar R. Smith III鈥檚 direct ownership after the reported transactions?
Why were additional shares issued to Smith & Tate Investments, LLC?
