Director Patrick Joseph Gahan filed a Form 4 with the SEC on November 2, 2026, reporting the exercise of stock options and resulting changes in beneficial ownership of QumulusAI, Inc. (NASDAQ:QMLS) common stock on October 30, 2026.

Key Highlights

  • Transaction date: All reported transactions occurred on October 30, 2026.
  • Options exercised: Gahan exercised four stock option tranches totaling 36,165 shares of common stock under transaction code M (exercise of derivative security).
  • Exercise prices: 11,395 shares were exercised at $3 per share, 24,406 shares at $3 per share, and 182 shares each (held through Slim Mint Group LLC and Window Macaroni Group LLC) at $3.3 per share.
  • Post-transaction direct ownership: Following the transactions, Gahan directly owned 591,158 shares after the first tranche and 615,564 shares after the second tranche, with the higher figure including 116,525 shares to be issued upon vesting under a restricted stock unit award.
  • RSU condition: According to the filing, the 116,525 RSU shares are "conditioned upon the Reporting Person remaining an employee of QumulusAI through the applicable vesting date" under the QumulusAI, Inc. 2026 Equity Incentive Plan.
  • All exercised options fully vested: The filing states that each of the four exercised options "is fully vested," with expiration dates of December 13, 2032 and September 30, 2034.
  • Indirect holdings: Gahan also holds shares indirectly through Slim Mint Group LLC, Window Macaroni Group LLC, Gahan LTC SPE LLC, Inspira Financial FBO Anya Gahan, Inspira Financial FBO Mya Gahan, and Inspira Trust FBO Patrick Gahan.

Patrick Gahan's October 2026 Option Exercises and Beneficial Ownership at QumulusAI

According to the Form 4 filed November 2, 2026, Patrick Joseph Gahan, a director of QumulusAI, Inc. (NASDAQ:QMLS), reported four exercise transactions on October 30, 2026, all coded M, indicating the conversion of derivative securities into common stock. Two tranches were exercised directly by Gahan at an exercise price of $3 per share: 11,395 shares and 24,406 shares, bringing his direct beneficial ownership to 615,564 shares after both exercises. Two additional tranches of 182 shares each were exercised at $3.3 per share, held indirectly through Slim Mint Group LLC and Window Macaroni Group LLC, resulting in indirect ownership of 103,670 and 212,576 shares in those entities, respectively.

The filing notes that Gahan's direct post-transaction total of 615,564 shares includes 116,525 shares to be issued upon vesting pursuant to a restricted stock unit award granted under the QumulusAI, Inc. 2026 Equity Incentive Plan. The award is conditioned upon Gahan remaining an employee of QumulusAI through the applicable vesting date, as stated in the filing's explanation of responses. The derivative securities table confirms that all four exercised options were fully vested at the time of exercise, with no derivative securities remaining in those positions following the transactions.

In addition to the direct and LLC-held shares, the filing discloses further indirect beneficial ownership: 39,757 shares through Gahan LTC SPE, LLC; 5,963 shares through Inspira Financial FBO Anya Gahan; 5,963 shares through Inspira Financial FBO Mya Gahan; and 19,765 shares through Inspira Trust FBO Patrick Gahan. The filing was signed by Patrick Joseph Gahan on November 2, 2026, and indicates this was filed by one reporting person with no amendment date noted.

What Was Disclosed

Director Patrick Joseph Gahan disclosed the exercise of four fully vested stock option tranches totaling 36,165 shares of QumulusAI common stock on October 30, 2026, along with updated beneficial ownership figures across multiple direct and indirect holding entities.