Carrillo Sabas D 4

What Happened

• Sabas D. Carrillo, CEO of BLUM HOLDINGS, INC. (BLMH), received 2,551,020 shares of common stock as a performance-based equity award. The shares were issued at an implied price of $0.98 per share, for an aggregate value of $2,500,000. The shares were issued to Adnant, LLC, a related party managed by the reporting person.

Key Details

• Transaction date: December 31, 2025; Implied price: $0.98 per share; Total value: $2,500,000. (Transaction code: A — Award/Grant/Other acquisition)
• Shares acquired: 2,551,020 common shares.
• Shares owned after transaction: Not specified in the Form 4 filing.
• Related-party note: Reporting person is CEO and managing member of Adnant, LLC (F1); the shares were issued to Adnant (F3).
• Securities/regulatory notes: Issuance made in satisfaction of a performance-based award and was not registered under the Securities Act; company relied on the Section 4(a)(2) exemption (F3).
• Filing timeliness: Form 4 filed 2026-01-27 for a 2025-12-31 transaction — filing appears late relative to the usual 2-business-day requirement.

Context

• This was an equity award paid in common stock to a related entity rather than an open-market purchase or sale. Awards compensate performance or services and do not necessarily reflect immediate buying/selling intent by the insider. The filing also includes a footnote about Series V preferred conversion mechanics (F2), but the reported transaction was a direct issuance of common shares.