mccormack riley 4
4 · Digimarc Corp · Filed Jun 18, 2026
Research Summary
AI-generated summary of this filing
Digimarc (DMRC) CEO Riley McCormack Sells Shares
What Happened
- Riley McCormack, reported as a controlling/affiliate person through TCM entities and identified as CEO, reported multiple dispositions of Digimarc (DMRC) stock. Open‑market sales totaled 114,949 shares across trades on June 16–18, 2026, producing aggregate cash proceeds of about $1,196,827. The reported sales (weighted average prices) were: 69,363 sh @ $10.83 ($751,458), 3,512 sh @ $10.96 ($38,492), 15,003 sh @ $10.05 ($150,726), and 27,071 sh @ $9.46 ($256,151).
- Separately, on June 16, 2026 TCM Strategic Partners L.P. (the “TCM Fund”) made an in‑kind distribution of 2,275,737 Digimarc shares to its limited partners and general partner for no consideration (no cash proceeds). An additional 79,356 shares were transferred to TCM Strategic L.P. (the investment manager) in a Rule 16a‑13 exempt transaction.
Key Details
- Transaction dates and reported prices: Jun 16 (69,363 @ $10.83; 3,512 @ $10.96), Jun 17 (15,003 @ $10.05), Jun 18 (27,071 @ $9.46). Some trades were executed in multiple fills: price ranges reported in footnotes were roughly $10.50–$11.355, $10.72–$11.345, $9.85–$10.79, and $9.30–$9.755 for the respective multi‑trade executions; the table above shows the weighted average prices.
- Cash proceeds from open‑market sales: ≈ $1.20 million. The in‑kind distribution of 2,275,737 shares generated no cash.
- Shares owned after transaction: the provided excerpt does not state McCormack’s total post‑transaction beneficial holdings.
- Notable footnotes: securities are held by affiliated entities (TCM Fund, TCM GP, TCM IM). McCormack is sole manager/owner of those entities and disclaims direct beneficial ownership except for indirect pecuniary interest. The in‑kind distribution and certain transfers were exempt from Section 16 rules per Rule 16a‑13/16a‑9.
- Filing date: Form 4 filed June 18, 2026 (covering transactions reported June 16–18, 2026).
Context
- The large 2.28M‑share transfer was an in‑kind distribution from an affiliated fund — not a market sale — and therefore does not represent a cash monetization or necessarily signal trading intent.
- The smaller transactions were open‑market sales (routine dispositions). For retail investors, purchases typically carry more direct informational value than routine sales; here the reported activity primarily reflects sales and affiliated fund reallocation through an in‑kind distribution.
- Because the reported securities are held through investment vehicles, the filing emphasizes indirect pecuniary interest rather than direct personal ownership.
Insider Transaction Report
Form 4
Digimarc CorpDMRC
mccormack riley
DirectorChief Executive Officer10% Owner
Transactions
- Other
Common Stock
[F1][F2]2026-06-16−2,275,737→ 0 total(indirect: See Footnote) - Sale
Common Stock
[F1][F3][F4]2026-06-16$10.83/sh−69,363$751,458→ 42,074 total(indirect: See Footnote) - Sale
Common Stock
[F1][F5][F6][F7]2026-06-16$10.96/sh−3,512$38,492→ 0 total(indirect: See Footnote) - Sale
Common Stock
[F8][F4]2026-06-17$10.05/sh−15,003$150,726→ 27,071 total(indirect: See Footnote) - Sale
Common Stock
[F9][F4]2026-06-18$9.46/sh−27,071$256,151→ 0 total(indirect: See Footnote)
Holdings
- 64,659
Common Stock
Footnotes (9)
- [F1]On June 16, 2026, TCM Strategic Partners L.P. (the "TCM Fund") made an in-kind distribution of an aggregate 2,275,737 shares to its limited partners and its general partner, proportionately based on their respective limited partnership interests, for no consideration. Also on June 16, 2026, the TCM Fund transferred an additional 79,356 shares to TCM Strategic L.P. (the "TCM IM"), the investment manager of the TCM Fund, in a transaction exempt from Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), pursuant to Rule 16a-13 thereunder.
- [F2]The securities are directly owned by the TCM Fund. TCM Strategic GP LLC (the "TCM GP") is the general partner of the TCM Fund. Riley McCormack is the sole manager of the TCM GP. Each of the Reporting Persons disclaims beneficial ownership of such securities except to the extent of its or his indirect pecuniary interest therein, and this report shall not be deemed an admission that any Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Exchange Act or for any other purpose.
- [F3]This transaction was executed in multiple trades at prices ranging from $10.50 to $11.355, inclusive. The price reported reflects the weighted average sale price. The Reporting Persons hereby undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
- [F4]The securities are directly owned by the TCM IM. Riley McCormack is the founder and sole owner of the TCM IM. Each of the Reporting Persons disclaims beneficial ownership of such securities except to the extent of its or his indirect pecuniary interest therein, and this report shall not be deemed an admission that any Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Exchange Act or for any other purpose.
- [F5]Includes 3,512 shares that were acquired by TCM GP pursuant to the pro-rata in-kind distribution by the TCM Fund on June 16, 2026, described in footnote 1 herein, which transaction was exempt from Section 16 of the Exchange Act pursuant to Rule 16a-9 thereunder.
- [F6]This transaction was executed in multiple trades at prices ranging from $10.72 to $11.345, inclusive. The price reported reflects the weighted average sale price. The Reporting Persons hereby undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
- [F7]The securities are directly owned by the TCM GP. Riley McCormack is the sole manager of the TCM GP. Each of the Reporting Persons disclaims beneficial ownership of such securities except to the extent of its or his indirect pecuniary interest therein, and this report shall not be deemed an admission that any Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Exchange Act or for any other purpose.
- [F8]This transaction was executed in multiple trades at prices ranging from $9.85 to $10.79, inclusive. The price reported reflects the weighted average sale price. The Reporting Persons hereby undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
- [F9]This transaction was executed in multiple trades at prices ranging from $9.30 to $9.755, inclusive. The price reported reflects the weighted average sale price. The Reporting Persons hereby undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.