LGL Group (LGL) 10% Owner Mario Gabelli Exercises Options for $8.24M

What Happened
Mario J. Gabelli, a 10% owner of LGL Group, exercised in‑the‑money derivatives on July 16, 2026 to acquire a total of 1,194,252 shares (621,928 + 572,324) at an exercise price of $6.90 per share, paying $8,240,339 in cash. The filing also reports corresponding derivative dispositions at $0, consistent with an exercise/settlement of options. The shares are reported as owned by GGCP, Inc.; Mr. Gabelli is deemed the beneficial owner of GGCP’s holdings per the footnote.

Key Details

• Transaction date: 2026-07-16; Form 4 filed: 2026-07-20 (appears later than the standard 2 business‑day Form 4 window).
• Exercise prices and amounts: 621,928 shares @ $6.90 = $4,291,303; 572,324 shares @ $6.90 = $3,949,036. Total shares acquired: 1,194,252; total cash paid: $8,240,339.
• Derivative dispositions: matching amounts (621,928 and 572,324) reported at $0, indicating conversion/settlement of the derivatives.
• Shares owned after the transaction: not disclosed on the Form 4 for Mr. Gabelli individually; reported shares are held by GGCP, Inc.
• Footnote: F1 — Shares are owned by GGCP, Inc.; Mr. Gabelli is deemed the beneficial owner of GGCP’s shares due to his role in GGCP and disclaims beneficial ownership beyond his pecuniary interest.

Context

• This was an option/derivative exercise transaction (code typically M): the derivatives were exercised into common shares. The paired zero‑dollar disposition lines suggest settlement of the derivative instruments rather than a market sale of newly issued shares (i.e., not an open‑market sell).
• Mr. Gabelli is a reported 10% owner via GGCP; transactions through an entity like GGCP are institutional/controlling‑owner activity rather than routine executive open‑market trades.
• The filing date is a few days after the transaction date and may be considered late under the SEC’s two business‑day Form 4 filing rule.