Insider Trading Report: December 31, 2025 — Notable Transactions

On December 31, 2025, the SEC received 13 Form 4 filings covering insider transactions across 8 companies. The day's activity was dominated by significant selling from a major shareholder at Datavault AI Inc., totaling nearly $13 million across three separate transactions. The filings included a mix of insider sales, purchases, and routine compensation-related transactions across technology, financial services, and healthcare sectors.

The majority of dollar volume came from stock sales, though one notable insider purchase emerged at Vivani Medical, where a director acquired 20,000 shares worth approximately $24,600. Market capitalizations of companies involved ranged from small-cap biotechnology firms to large-cap asset managers like T. Rowe Price Group ($22.90B).

Notable Insider Transactions

Datavault AI Inc. (DVLT)

Transaction Details:

• Insider: Scilex Holding Co — 10 percent owner
• Transaction Type: Sale (3 separate transactions)
• Shares: 20,657,300 total shares across three dates
  • December 30: 9,657,300 shares at $0.54
  • December 29: 7,310,984 shares at $0.66
  • December 26: 3,689,016 shares at $0.75
• Total Value: $12,771,579.74
• Filing Date: December 31, 2025
• Ownership After: 244,445,260 shares (after final transaction on Dec 30)

Recent Developments:

• December 30, 2025: Datavault AI announced it will exhibit at CES 2026 (January 6-9 in Las Vegas), showcasing WiSA™, Data Vault™, Digital Twins, ADIO®, Events Citadel™, VerifyU™, and DVHolo™ technologies, with plans to update investors on its Acoustics Division. (Source: GlobeNewsWire)
• December 29, 2025: The company announced a proposed dividend of warrants to shareholders. (Source: GlobeNewsWire)
• December 29, 2025: Datavault AI's Board approved a dividend of Dream Bowl Meme Coin II to all eligible equity holders, commemorating the world's first AI-powered tokenized bowl game with an NFL Alumni Health component. (Source: GlobeNewsWire)

Context:
This represents substantial selling activity by Scilex Holding Co, a 10% owner, who disposed of over 20 million shares worth approximately $12.77 million over a five-day period. Despite the significant sales, Scilex retained ownership of over 244 million shares after the final transaction. The selling occurred during a period of multiple corporate announcements, including CES 2026 exhibition plans and novel dividend initiatives involving meme coins and warrants. The stock price varied from $0.54 to $0.75 across the transaction dates, indicating volatility during this period.

Cognizant Technology Solutions Corporation (CTSH) - $41.36B Market Cap

Transaction Details:

• Insider: Michael Patsalos-Fox — Director
• Transaction Type: Sale
• Shares: 3,000 shares at $85.17
• Total Value: $255,514.50
• Filing Date: December 31, 2025
• Transaction Date: December 29, 2025
• Ownership After: 34,729 shares

Recent Developments:

• December 30, 2025: Media reports confirmed Director Michael Patsalos-Fox sold 3,000 shares on December 22 and 4,000 shares on December 18. (Source: Defense World)
• December 23, 2025: Zacks Investment Research published a value stock comparison between Cognizant (CTSH) and Accenture (ACN), analyzing which presents better value opportunity for investors in the IT Services sector. (Source: Zacks Investment Research)
• December 23, 2025: Zacks highlighted Cognizant as a top momentum stock for long-term investors based on Style Scores analysis. (Source: Zacks Investment Research)

Context:
This sale represents a modest reduction in the director's position, with Patsalos-Fox retaining 34,729 shares after the transaction. The sale occurred as Cognizant received positive analyst coverage highlighting its momentum and value characteristics. Recent reports indicated this was part of a pattern, with the director selling 7,000 total shares across multiple transactions in late December. At approximately 8% of the director's remaining holdings, this appears to be portfolio management rather than a complete exit.

First Financial Bancorp (FFBC) - $2.39B Market Cap

Transaction Details:

• Insider: Karen B. Woods — General Counsel & CAO
• Transaction Type: F-InKind (tax payment in shares)
• Shares: 5,342 shares at $25.25
• Total Value: $134,885.50
• Filing Date: December 31, 2025
• Transaction Date: December 30, 2025
• Ownership After: 73,954 shares

Recent Developments:

• December 28, 2025: Gator Capital Management initiated a new position in First Financial Bancorp during Q3, purchasing 221,920 shares worth approximately $5.6 million, despite the stock being down 7% for the year. (Source: The Motley Fool)

Context:
This transaction represents a routine tax payment using shares, a common practice when equity compensation vests. The shares were withheld to cover tax obligations rather than sold on the open market. Woods retained 73,954 shares after the transaction. The timing coincides with institutional investor Gator Capital establishing a significant new $5.6 million position in the regional bank, suggesting confidence from professional investors despite recent stock underperformance.

Kewaunee Scientific Corporation (KEQU) - $107.22M Market Cap

Transaction Details:

• Insider: Thomas David Hull III — President, CEO
• Transaction Type: Sale
• Shares: 884 shares at $38.01
• Total Value: $33,600.84
• Filing Date: December 31, 2025
• Transaction Date: December 29, 2025
• Ownership After: 35,835 shares

Recent Developments:

• December 12, 2025: Kewaunee reported Q2 fiscal 2026 results showing sharp sales growth driven by strong backlog and Nu Aire acquisition, though earnings declined due to project timing volatility and higher costs. (Source: Zacks Investment Research)
• December 10, 2025: The company officially announced second quarter results for fiscal year 2026 ended October 31, 2025. (Source: PRNewswire)
• December 4, 2025: Kewaunee announced successful debt refinancing and full repayment of seller notes from the Nu Aire acquisition. (Source: PRNewswire)

Context:
This small sale by the CEO represents approximately 2.4% of his total holdings, likely routine portfolio diversification. The transaction followed positive developments including successful debt refinancing related to the Nu Aire acquisition and sales growth in Q2, though earnings faced pressure from timing and cost factors. Hull retained a substantial 35,835 shares after the sale, maintaining significant alignment with shareholders.

Vivani Medical, Inc. (VANI) - $72.67M Market Cap

Transaction Details:

• Insider: Aaron Mendelsohn — Director
• Transaction Type: Purchase
• Shares: 20,000 shares at $1.23
• Total Value: $24,600.00
• Filing Date: December 31, 2025
• Transaction Date: December 29, 2025
• Ownership After: 188,170 shares

Recent Developments:

• December 18, 2025: Director Gregg Williams purchased 1,737,765 shares of Vivani Medical stock on December 15, signaling strong insider confidence. (Source: Defense World)

Context:
This insider purchase is notable as one of the few buy transactions among the day's filings. Mendelsohn increased his stake by approximately 11.9%, bringing his total ownership to 188,170 shares. The purchase follows another director, Gregg Williams, acquiring a much larger position of 1.74 million shares earlier in December. Multiple directors making purchases within the same month often signals insider confidence in the company's prospects. The filing also included a gift transaction dated July 8, 2024, suggesting Mendelsohn has been actively managing his position.

Full Transaction Table

Market Themes

Insider Selling Dominates: The majority of transaction value came from stock sales, led by Datavault AI's major shareholder disposing of nearly $13 million worth of shares across three transactions. This pattern was consistent across multiple companies, with directors and major shareholders reducing positions.

Limited Insider Buying: Only one meaningful insider purchase appeared in the filings—Vivani Medical director Aaron Mendelsohn acquiring 20,000 shares worth $24,600. This followed another director's much larger purchase earlier in December, suggesting potential accumulation by insiders at this small-cap medical device company.

Routine Compensation Transactions: Several filings involved tax payments through share withholding (F-InKind) and equity awards, which are routine corporate events tied to compensation plans rather than discretionary trading decisions.

Year-End Timing: The concentration of filings on December 31 reflects typical year-end activity, as insiders complete planned transactions before year-end for tax planning purposes and companies finalize annual compensation awards.

Market Cap Diversity: Transactions spanned companies from large-cap ($41.36B for Cognizant, $22.90B for T. Rowe Price) to small-cap firms, with no clear sector-specific pattern beyond technology and financial services representation.

How to Interpret Insider Trading

Form 4 Filings: Corporate insiders—including officers, directors, and beneficial owners holding more than 10% of a company—must file Form 4 with the SEC within two business days of executing a transaction in company stock.

Purchase vs. Sale Context: Insider purchases are generally viewed as bullish signals since insiders are investing their own capital based on internal knowledge. Sales, however, require more context—they can indicate concern about prospects, but often reflect routine portfolio diversification, tax planning, liquidity needs, or pre-planned selling programs.

Transaction Codes Matter:

• P (Purchase) and S (Sale) represent discretionary open-market transactions
• F (In-Kind) reflects tax payments using shares, typically routine
• A (Award) and G (Gift) involve compensation or estate planning, not market views

Size and Pattern Analysis: Consider the transaction size relative to the insider's total holdings and whether multiple insiders are acting in the same direction simultaneously. A CEO selling 2% of holdings is very different from selling 50%. Multiple insiders buying together often carries more weight than a single transaction.

This Report is Informational Only: The data presented here is for educational and informational purposes. It should not be construed as investment advice or a recommendation to buy or sell any security. Always conduct your own due diligence and consult with financial professionals before making investment decisions.

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