---
title: "Aeluma's CEO sold at $13.35. The street still says $25."
description: "Aeluma's board cut the quorum for its November 19 annual meeting to a third of the shares and will shrink to four seats, weeks after $1.5 million of insider sales. The stock opened October 12 at $11.40."
publisher: "The Inference"
section: "Money"
published: 2026-10-12T13:19:53.951Z
modified: 2026-10-12T13:19:53.951Z
canonical: https://theinference.org/article/aeluma-s-ceo-sold-at-13-35-the-street-still-says-25
language: en
keywords: "Aeluma, Insider Selling, Corporate Governance, Semiconductors, Photonics"
---

# Aeluma's CEO sold at $13.35. The street still says $25.

> Aeluma's board cut the quorum for its November 19 annual meeting to a third of the shares and will shrink to four seats, weeks after $1.5 million of insider sales. The stock opened October 12 at $11.40.

## One-third of the shares can now hold the meeting

Six days after fixing the record date for its November 19 annual meeting, the board of [Aeluma](https://theinference.org/markets/companies/aeluma), a Goleta, Calif., semiconductor company that grows photonics on large-diameter silicon wafers and is now pitching AI datacom, [rewrote its bylaws: the quorum for stockholder meetings dropped from a majority of voting power to one-third](https://www.stocktitan.net/sec-filings/ALMU/8-k-aeluma-inc-reports-material-event-271fc04b1cb4.html) [1]. [The definitive proxy filed September 30](https://www.stocktitan.net/sec-filings/ALMU/def-14a-aeluma-inc-definitive-proxy-statement-07602dca91b0.html) shrinks the board to four seats after that meeting, from five, with director Craig Ensley not standing again [2].

Of 19,314,923 shares outstanding on the September 23 record date, the presence of 6,438,308 now makes a meeting [2]. The same filing concedes that its three-class staggered board "may delay or prevent a change of our management or a change in control" [2].

## The AI pivot arrives with dilution attached

The governance retreat lands mid-repositioning. On September 15, [Aeluma](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001828805) [signed Sumitomo Chemical Advanced Technologies to grow photonics wafers for AI datacom at a Phoenix plant](https://markets.businessinsider.com/news/stocks/aeluma-executes-strategic-agreement-with-sumitomo-chemical-advanced-technologies-for-wafer-production-for-ai-datacom-1036546120) [3], and [a July letter of intent promises up to $30 million from the Commerce Department's CHIPS R&D office](https://finance.yahoo.com/technology/ai/articles/aeluma-and-department-of-commerce-sign-chips-research--development-office-crdo-letter-of-intent-for-up-to-30-million-to-accelerate-us-leadership-in-ai-and-advanced-computing-103800003.html) [4].

The letter carries a term its headlines skipped: on final documents, Aeluma would issue equity securities to Commerce equal in value to the award [4], the structure under which [Commerce took 1% of the chip foundry GlobalFoundries for $300 million](https://siliconangle.com/2026/07/29/globalfoundries-receive-300m-federal-funding-silicon-photonics-research/) [5].

Underneath the pivot, [the June quarter booked revenue of $0.58 million against $1.32 million a year earlier](https://markets.businessinsider.com/news/stocks/aeluma-announces-fourth-quarter-and-full-fiscal-year-2026-financial-results-1036551800), a $4.0 million net loss, and the third straight quarterly revenue decline [6][7]. Cash stands at $56.0 million, helped by $20.1 million from selling 830,484 shares at an average $24.87 [6].

*Chart: **Revenue has fallen for three straight quarters, from $1.39M to $0.58M** Line chart of Aeluma's quarterly revenue from the September 2023 quarter to the June 2026 quarter, peaking at $1.61 million in the December 2024 quarter and falling to $0.58 million in the June 2026 quarter.*

*Quarterly revenue in US dollars, millions, by fiscal quarter as labelled, from Aeluma's SEC filings. The company's fiscal year ends June 30, so the June 2026 quarter is fiscal Q4 2026. Source: Aeluma, quarterly figures from its SEC filings (EDGAR), retrieved October 12, 2026. [10]*

*Chart: **Aeluma issued stock at $24.87; its CEO sold at $13.35; the target says $25** Five Aeluma share-price reference points, from the 52-week high of $31.79 down to the October 12, 2026, open of $11.40, with the company's June-quarter issuance at $24.87 and the CEO's September sale at $13.35.*

*Share-price reference points in US dollars per share. The analyst bar is a 12-month consensus target, not a traded price. From the October 12, 2026, analyst consensus alert, Aeluma's fiscal 2026 fourth-quarter results and Form 4 insider disclosures. [6][8]*

## The people closest sold below the target

[Chief executive Jonathan Klamkin](https://theinference.org/article/aeluma-s-ceo-sold-stock-every-month-since-march-while-pitching-a-1-8-trillion-ai-market) [sold 100,000 shares at an average $13.35 on September 21, $1.34 million under a pre-arranged 10b5-1 plan](https://www.marketbeat.com/instant-alerts/consensus-aeluma-inc-almu-what-are-investment-firms-thinking-about-this-stock-2026-10-12/), keeping 1,226,995 shares [8]. Director Steven DenBaars sold 12,500 at $13.84 in August [8]; institutions including Wedbush and Bank of America had opened positions in the second quarter, before those sales [8].

The finance chief did better on paper: Christopher Stewart's first-year package was valued at $3.46 million against Klamkin's $690,000 [2], in a fiscal year when stock-compensation expense of $4.5 million outran $4.46 million of revenue [6].

## From $11.40 to $25

Shares popped 7% to $13.42 on the Sumitomo morning [9]; they opened October 12 at $11.40, about a dollar above their 52-week low [8]. Five analysts still average a $25.00 target, on three buys, one strong buy and one sell [8].

The bridge rests on AI-datacom engineering contracts still being negotiated, none signed [6], and it runs two dated tests: the November 19 meeting, which convenes under the new one-third quorum, and the CHIPS definitive documents, which would price the equity owed to Commerce if the award closes [4].

## Takeaway

Aeluma weakened its shareholder protections just as its revenue slide deepened and its chief executive sold at $13.35, far below the $24.87 the company itself issued stock at; the $25 analyst target now rests on AI-datacom contracts that are not yet signed.

## Sources

1. [StockTitan, "A majority is no longer required to hold stockholder meetings at Aeluma (ALMU)" (Form 8-K, filed September 30, 2026), October 1, 2026](https://www.stocktitan.net/sec-filings/ALMU/8-k-aeluma-inc-reports-material-event-271fc04b1cb4.html)
2. [StockTitan, "Aeluma to reduce board to four after annual meeting" (DEF 14A definitive proxy statement, filed September 30, 2026), October 1, 2026](https://www.stocktitan.net/sec-filings/ALMU/def-14a-aeluma-inc-definitive-proxy-statement-07602dca91b0.html)
3. [GlobeNewswire via Markets Insider, "Aeluma Executes Strategic Agreement with Sumitomo Chemical Advanced Technologies for Wafer Production for AI Datacom", September 15, 2026](https://markets.businessinsider.com/news/stocks/aeluma-executes-strategic-agreement-with-sumitomo-chemical-advanced-technologies-for-wafer-production-for-ai-datacom-1036546120)
4. [Aeluma press release via Yahoo Finance, "Aeluma and Department of Commerce Sign CHIPS Research & Development Office (CRDO) Letter of Intent for up to $30 Million", July 29, 2026](https://finance.yahoo.com/technology/ai/articles/aeluma-and-department-of-commerce-sign-chips-research--development-office-crdo-letter-of-intent-for-up-to-30-million-to-accelerate-us-leadership-in-ai-and-advanced-computing-103800003.html)
5. [SiliconANGLE, "GlobalFoundries to receive $300M in federal funding for silicon photonics research", July 29, 2026](https://siliconangle.com/2026/07/29/globalfoundries-receive-300m-federal-funding-silicon-photonics-research/)
6. [GlobeNewswire via Markets Insider, "Aeluma Announces Fourth Quarter and Full Fiscal Year 2026 Financial Results", September 16, 2026](https://markets.businessinsider.com/news/stocks/aeluma-announces-fourth-quarter-and-full-fiscal-year-2026-financial-results-1036551800)
7. [Aeluma quarterly figures from its SEC filings (EDGAR, CIK 0001828805), retrieved October 12, 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001828805)
8. [MarketBeat, "Aeluma, Inc. (ALMU) - What Are Investment Firms Thinking About This Stock?", October 12, 2026](https://www.marketbeat.com/instant-alerts/consensus-aeluma-inc-almu-what-are-investment-firms-thinking-about-this-stock-2026-10-12/)
9. [InvestorsHub via MSN, "Aeluma shares rise 7% after Sumitomo Chemical Photonics manufacturing agreement", September 15, 2026](https://www.msn.com/en-us/money/economy/aeluma-shares-rise-7-after-sumitomo-chemical-photonics-manufacturing-agreement/ar-AA2cgvSC)
10. [Aeluma, quarterly figures from its SEC filings, retrieved 12 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001828805)


---

Aeluma's CEO sold at $13.35. The street still says $25. — The Inference. Canonical: https://theinference.org/article/aeluma-s-ceo-sold-at-13-35-the-street-still-says-25