Form 4: ECOR CFO Sells Shares, Details RSU Vesting

electroCore's CFO, Joshua S. Lev, reported the sale of 2,166 common shares at a weighted average price of $6.18 and detailed the vesting schedule for 23,667 restricted stock units.

Summary

• Joshua S. Lev, Chief Financial Officer of electroCore, Inc. (ECOR), reported a transaction involving the company's common stock.
• On November 12, 2025, Mr. Lev sold 2,166 shares of common stock.
• The shares were sold at a weighted average price of $6.18, with individual sales ranging from $6.0602 to $6.31 per share.
• Following this transaction, Mr. Lev beneficially owns 23,667 shares of common stock.
• The remaining 23,667 shares include restricted stock units (RSUs) with specific vesting schedules.
• 10,000 of these RSUs will vest in three tranches: 3,333 shares on January 15, 2026; 3,333 shares on January 15, 2027; and 3,334 shares on January 15, 2028.
• Another 13,667 RSUs include 3,000 shares that have already vested and are eligible for sale, and 10,667 shares that will vest in two tranches: 5,333 shares on January 12, 2026; and 5,334 shares on January 12, 2027.
• Vesting is contingent upon continuous service with the Issuer or an affiliate through the applicable vesting date, or in certain cases of termination without 'cause' or resignation for 'good reason' within two years after a 'change in control'.

Sentiment

Score: 5

Explanation: The filing is a standard Form 4 insider transaction report. The sale of a relatively small number of shares by the CFO is a routine event and does not inherently indicate a strong positive or negative sentiment for the company's prospects.

Negatives

• An insider sale, even if routine, can sometimes be perceived negatively by investors, though the volume in this instance is relatively small.

Risks

• The vesting of restricted stock units is subject to the reporting person's continuous service with the Issuer or an affiliate through the applicable vesting date.
• Vesting may also be accelerated under specific conditions related to termination without 'cause' or resignation for 'good reason' within two years after a 'change in control', introducing a dependency on future corporate events.

Future Outlook

The filing details future vesting schedules for a significant portion of the CFO's beneficial ownership, with tranches set to vest on specific dates in January 2026, January 2027, and January 2028, contingent on continued service or specific change-in-control events.

Industry Context

This filing is a routine insider transaction report and does not provide information directly related to broader industry trends or competitive landscape. It reflects an individual executive's stock activity within electroCore, Inc.

Stakeholder Impact

• Shareholders: The sale represents a minor reduction in insider ownership, which is generally not a significant concern given the volume and the remaining RSU holdings. The detailed vesting schedule provides transparency on future potential share issuances to the CFO.

Next Steps

• Monitoring of future vesting events for the remaining restricted stock units held by the CFO on January 12, 2026, January 15, 2026, January 12, 2027, January 15, 2027, and January 15, 2028.

Key Dates

Keywords

electroCore, ECOR, Form 4, Insider Transaction, Stock Sale, CFO, Restricted Stock Units, RSU Vesting, Beneficial Ownership