HRTG GPE, LLC 4

What Happened
HRTG GPE, LLC, identified as a 10% owner of Kardigan, bought 3,125,000 shares of KARD at $16.00 per share on 2026-06-22, a transaction valued at $50,000,000. The filing reports the transaction as a purchase (transaction code P) described as an "open market or private purchase," indicating the shares were acquired in the market or via a private transaction. Purchases by large holders are often viewed by investors as a bullish signal, though the filing does not state a motive.

Key Details

• Transaction date: 2026-06-22; Form 4 filed: 2026-06-24 (period of report 2026-06-22).
• Price and quantity: 3,125,000 shares at $16.00 per share — total value $50,000,000.
• Shares owned after transaction: Not specified in the filing.
• Transaction code: P = Purchase (open market or private purchase).
• Footnote: HRTG GPE, LLC is the general partner of HRTG PV, L.P. and HRTG CIF 2024, L.P.; Keith Johnson and Kevin Kelly are Managing Members of HRTG. HRTG and the named individuals disclaim beneficial ownership of securities held directly by those limited partnerships except to the extent of any pecuniary interest.
• No indication in the filing of option exercises, grants, gifts, or tax-withholding related to this transaction.

Context
This is an institutional/10% owner purchase rather than an executive officer trade; filings for entities like HRTG often reflect fund-level investing. The report does not provide additional details (e.g., whether the purchase was an open-market trade or part of a private placement) beyond the footnote describing the ownership/control structure.