Karman Topco L.P. 4

What Happened
Karman Topco L.P., a reported 10% owner of Advantage Solutions, recorded a disposition of 190,324 shares on May 14, 2026 (transaction code J: other acquisition/disposition). The filing reports no sale price or cash proceeds (price = N/A), because the shares were distributed in-kind to certain limited partners rather than sold on the open market.

Key Details

• Transaction date: 2026-05-14 (reported on Form 4 filed 2026-05-18; filing is within the two-business-day window).
• Transaction type/code: J — Other acquisition or disposition (in-kind distribution).
• Shares disposed: 190,324 shares; price: N/A; proceeds: N/A.
• Shares reported reflect a 1-for-25 reverse stock split effected March 26, 2026 (footnote F2).
• Footnote F1: the disposal represents a pro‑rata in‑kind distribution to certain limited partners in exchange for their limited partner interests.
• Shares owned after the transaction: not specified in the filing.

Context

• This was an institutional in‑kind distribution by a 10% limited‑partner holder, not an executive open‑market sale; such distributions typically reflect LP ownership transfers rather than personal trading decisions.
• Because there was no open‑market sale or exercise, the transaction does not directly signal buying or selling pressure on the market.