Legion Partners, L.P. II 4

What Happened
Raymond T. White, a director of Clear Channel Outdoor Holdings, sold a total of 23,435,796 shares on June 9, 2026 in transactions reported on a Form 4 filed June 11, 2026. The sales were reported at $2.40 per share and generated approximately $56,259,972 in proceeds, broken out as: 19,761,023 shares for $47,438,312; 1,756,473 shares for $4,216,589; and 1,918,300 shares for $4,605,071. The Form 4 describes these as open‑market or private sales (transaction code S).

Key Details

• Transaction date: 2026-06-09; Filing date: 2026-06-11 (timely under Section 16’s two-business-day rule).
• Price: $2.40 per share. Total shares sold: 23,435,796. Total proceeds: ~$56.26M.
• Shares owned after transaction: Not specified in the excerpt of the filing.
• Transaction code: S = Sale.
• Notable footnotes: This is a joint filing by multiple Legion Partners entities (Legion Partners I & II, Legion Partners Special Opportunities, Legion Partners Asset Management, Legion Partners Holdings, Legion Partners LLC) and Messrs. Raymond T. White and Christopher S. Kiper. Footnotes clarify that Mr. White serves on the Board as a representative of Legion Partners Asset Management and disclaims direct beneficial ownership of the reported securities except to the extent of any indirect economic interest through Legion Partners and its affiliates. Related entities may be deemed beneficial owners of the securities held by the funds.

Context
These are sales associated with Legion Partners-related entities rather than clearly identified personal purchases by Mr. White; the footnotes indicate the activity reflects fund/institutional interests and that Mr. White may not hold direct economic ownership. Sales are generally less informative than purchases about manager conviction; here they appear to be fund-level dispositions. The filing appears timely and does not indicate a 10b5-1 plan, tax withholding, or late filing in the provided excerpt.