Raman Singh, a director of Liquidia Corp, filed a Form 4 on September 15, 2026, disclosing the exercise of non-qualified stock options and subsequent sales of common stock on September 11 and September 14, 2026.

Key Highlights

  • September 11 option exercises: Singh exercised 556 shares at $8.63 and 8,468 shares at $9.3055 via transaction code M.
  • September 11 sale: 9,024 shares of common stock were sold at a volume-weighted average price of $68.6181, with individual transaction prices ranging from $68.60 to $68.70.
  • September 14 activity: Singh exercised an additional 8,468 shares at $9.3055 and sold 8,468 shares at $66.16.
  • Post-transaction ownership: Following all reported transactions, Singh directly held 44,637 shares of Liquidia Corp common stock.
  • Unvested RSUs included: The beneficial ownership total includes 5,882 restricted stock units granted on June 16, 2026, none of which had vested as of the filing date.
  • Rule 10b5-1 plan: The September 11 and September 14 sales were made pursuant to a contract, instruction, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Liquidia Corp Director Singh Exercises Options and Sells Shares Over Two Trading Days

According to the filing, Raman Singh, who is identified as a director of Liquidia Corp (NASDAQ:LQDA), reported a series of transactions in the company's common stock occurring on September 11 and September 14, 2026. Liquidia Corp is the issuer of the securities covered by the filing. On September 11, Singh exercised two tranches of non-qualified stock options: 556 shares with an exercise price of $8.63, drawn from an option that had fully vested on June 19, 2026, and 8,468 shares with an exercise price of $9.3055, from an option that had fully vested on March 7, 2021.

The filing discloses that the 9,024 shares resulting from the September 11 option exercises were subsequently sold at a volume-weighted average price of $68.6181, with prices ranging from $68.60 to $68.70 across individual transactions. According to the filing, Singh undertakes to provide full information on shares sold at each separate price within that range upon request by the issuer, any security holder, or SEC staff. On September 14, Singh exercised another tranche of 8,468 shares at $9.3055 and sold those 8,468 shares at $66.16.

The filing notes that Singh's reported beneficial ownership of 44,637 shares following all transactions includes 5,882 restricted stock units granted on June 16, 2026, none of which had vested as of the Form 4 filing date. All sales reported were made pursuant to a written plan or instruction intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), as indicated on the filing.

What Was Disclosed

The Form 4 filed September 15, 2026, by Liquidia Corp director Raman Singh covers option exercises totaling 17,492 shares and open-market sales totaling 17,492 shares across two dates, with a resulting direct beneficial ownership of 44,637 shares including unvested restricted stock units.