Legion Partners, L.P. II 4

What Happened
Raymond T. White, a director of Clear Channel Outdoor Holdings, Inc. (CCO) and a managing director at Legion Partners Asset Management, is listed on a Form 4 reporting open-market sales totaling 2,804,171 shares on June 15, 2026. The sales were executed at a weighted average price of $2.40 (prices ranged from $2.3950 to $2.4000), producing total reported proceeds of approximately $6.72 million. The transactions were reported jointly by Legion Partners entities and related reporting persons.

Key Details

• Transaction date: June 15, 2026 (filed on Form 4 dated June 17, 2026) — appears to be filed within the standard two‑business‑day window.
• Type: Sale (S) — open market/private sale (reported as open market sales in the footnotes).
• Shares sold (by line items on the filing): 2,107,996; 187,371; 204,633; 900; 303,271 — total 2,804,171 shares.
• Price: Weighted avg $2.40; reported price range $2.3950–$2.4000 (footnote offers to provide per‑price breakdown on request).
• Reported proceeds: ~$6.72 million (sum of amounts shown on the filing).
• Shares owned after transaction: Not specified in the excerpt provided.
• Notable footnotes: Joint filing by Legion Partners entities and related persons (F1); sales attributable to Legion Partners funds/holdings and White acts as Legion’s board representative and disclaims direct beneficial ownership except to the extent of any indirect interest through Legion Partners (F2–F8).
• Transaction code: S = Sale.

Context
These sales were reported by Legion Partners-affiliated entities with Mr. White identified as the firm's board representative. Footnotes make clear the shares were held directly by Legion Partners funds and related entities, and Mr. White disclaims direct beneficial ownership aside from indirect interests through those entities. This appears to be institutional selling rather than a personal buy signal; Form 4 sales are factual disclosures and do not by themselves explain the seller’s motivations.