Cardinal Equity Fund, L.P. 4

What Happened

• Cardinal Equity Fund, L.P. (reported as a 10% owner) recorded a derivative exercise/conversion on 2026-03-28 that resulted in 471,057 shares being acquired and 471,057 shares being disposed of. The filing lists prices and total dollar values as N/A, consistent with a non-cash automatic conversion rather than an open-market trade.

Key Details

• Transaction date: 2026-03-28; Form 4 filed: 2026-03-31
• Transaction code: M (exercise or conversion of a derivative)
• Shares acquired: 471,057 (Class A common stock, per filing)
• Shares disposed: 471,057 (Class B common stock, recorded as a derivative disposition)
• Price/Value: N/A (no cash sale or purchase reported)
• Shares owned after transaction: not specified in the provided excerpt of the filing
• Footnote: Per the issuer’s Amended and Restated Certificate of Incorporation, Cardinal’s Class B shares automatically convert one-for-one into Class A shares in substantially equal tranches on March 28, 2026 and September 27, 2026 (footnote F1)
• Filing status: filed March 31, 2026 (no lateness indicator provided in the excerpt)

Context

• This appears to be an automatic charter-driven conversion of Class B into Class A shares, not a purchase or public sale. Derivative code M reflects an exercise/conversion event; no cash changed hands in the reported entries. As a 10% institutional holder, this is administrative/structural ownership activity rather than an executive insider buying or selling stock for personal liquidity.