FRIEDBERG DANIEL M. 4

What Happened Daniel M. Friedberg, a managing member of 325 Capital and a director designee on MultiSensor AI Holdings, Inc. (MSAI)'s board, was granted/received 3,738 shares on June 30, 2026. The reported acquisition price is $0.00, so the filing shows no cash paid for the award (total reported cash value: $0). The share amount reflects the issuer's 1-for-40 reverse stock split effective April 13, 2026.

Key Details

• Transaction date: 2026-06-30; Report filed: 2026-07-02. The filing does not indicate a late-file flag.
• Transaction type/code: Award/Grant (Form 4 code "A"); price reported $0.00 per share.
• Shares acquired: 3,738 shares; reported total value: $0.
• Shares owned after transaction: Not specified in the filing.
• Important footnotes:
  • This Form 4 is a joint filing by 325 Capital Master Fund and related entities/individuals; each disclaims beneficial ownership except to the extent of pecuniary interest (F1, F4, F5).
  • Mr. Friedberg serves as a director designee for 325; equity awarded to him may be held on behalf of, transferred to, or sold for the benefit of 325 or its affiliates (F3). As a result, Friedberg may not have a direct pecuniary interest; 325 and certain individuals may be deemed to have an interest.
  • Share count reflects the 1-for-40 reverse split effective April 13, 2026 (F2).

Context

• This was an equity award (not an open-market purchase). Awards at $0 typically represent compensation or allocation under a plan and do not necessarily indicate a personal cash investment by the insider.
• Because the award is tied to 325 Capital arrangements, this is effectively institutional/related-party equity rather than a straightforward personal buy/sell decision by an independent insider. Retail investors should note the holding/transfer provisions in the footnotes when assessing insider interest.