Guardian Pharmacy (GRDN) — Cardinal Equity Fund (10% Owner) Converts 471,057 Shares

What Happened

• Cardinal Equity Fund, L.P. (reported as a 10% owner) recorded the conversion/exercise of 471,057 shares of Guardian Pharmacy Services, Inc. (GRDN) on September 27, 2026. The Form 4 shows offsetting derivative entries: 471,057 shares acquired and 471,057 shares disposed under transaction code M (exercise/conversion). No per-share price or total dollar value is reported (N/A).

Key Details

• Transaction date: 2026-09-27; Form filed: 2026-09-28 (timely).
• Transaction code: M (exercise or conversion of a derivative).
• Shares affected: 471,057 shares recorded as both acquired and disposed.
• Price/value: Not disclosed (N/A) on the filing.
• Shares owned after transaction: not specified on the Form 4 (filing does not list the post-transaction total).
• Footnote: Per the issuer’s Amended and Restated Certificate of Incorporation, the Reporting Person’s Class B common stock automatically converted into Class A common stock on a one-for-one basis on September 27, 2026.

Context

• This filing reflects a corporate-class conversion of holdings (Class B → Class A) rather than an open-market purchase or sale. The matching acquire/dispose entries frequently appear when shares are converted or options/derivatives are exercised and reclassified; it does not, by itself, signal a buy or sell decision by a company insider.
• As a 10% institutional owner, Cardinal Equity Fund is an investor entity, not an individual executive — institutional conversions are generally administrative and not direct indicators of management sentiment.