[Form 4/A] Bridgeline Digital Inc. Amended Insider Trading Activity

Rhea-AI Filing Summary

Schedule 13D filing overview

On 06/30/2025 Atlantis Holding Corp. and Icon Energy Corp.’s Chairwoman & CEO, Ismini Panagiotidi, disclosed beneficial ownership of 7,685,546 common shares of Icon Energy (“ICON”), representing 77.9 % of the outstanding class.

The position consists of (i) 5,000 common shares held directly and (ii) 7,680,546 shares issuable upon conversion of 17,249 Series A Cumulative Convertible Perpetual Preferred Shares. The Series A shares are convertible, in whole (not in part), between 16 Jul 2025 and 15 Jul 2032 at the lower of US $240 or the 5-day VWAP immediately before notice.

The preferred stock was issued under a 11 Jun 2024 exchange whereby ICON acquired Maui Shipping Co.; a further 2,249 Series A shares were issued in-kind for dividends on 30 Jun 2025. Atlantis is incorporated in the Marshall Islands; Ms. Panagiotidi controls Atlantis and Pavimar Shipping, which manages vessels operated by ICON.

The filing states the stake is held for investment purposes and that there are currently no definitive plans for additional transactions affecting ICON’s capital, governance or operations, though regular discussions with management and directors occur.

Key investor takeaways: (1) ICON is effectively insider-controlled, limiting minority influence; (2) up to 7.68 million new shares could be issued after July 2025, creating potential dilution risk; (3) conversion price linkage to VWAP may mitigate extreme pricing but favors the holder if shares trade below US $240.

Positive

• High insider ownership (77.9 %) aligns management incentives with shareholder value.
• Conversion price capped at US $240 or VWAP, potentially limiting extreme dilution if shares appreciate strongly.

Negative

• Issuance of up to 7.68 million new shares could dilute existing holders by more than 3.5× once conversion occurs.
• Single insider group controls voting power, reducing minority influence and elevating governance risk.

Insights

Equity Analyst

TL;DR – 78 % insider stake signals control; dilution risk starts July 2025.

The 13D confirms near-total control of ICON by Atlantis/CEO Panagiotidi. While alignment of interests can be beneficial, minority investors should price in a controlling shareholder’s ability to pass corporate actions unilaterally. The 17,249 Series A preferred shares convert in whole, not in part, preventing gradual sales but unleashing a 351 % share-count increase once exercised. With conversion tied to VWAP, dilution could be severe if ICON trades well below US $240. Until conversion, preferred dividends may continue to be paid in-kind, compounding overhang. I view the filing as strategically important but not yet value-changing, hence a neutral rating.

Corporate Governance Expert

TL;DR – Single-party control raises governance and minority-rights concerns.

Atlantis and Ms. Panagiotidi now command nearly 78 % voting power, effectively eliminating public float influence. Such concentration increases related-party-transaction risk, especially given Pavimar’s operational ties. The absence of stated plans offers limited comfort; a controlling shareholder can alter bylaws, approve financings or mergers without minority consent. Future conversion of the preferreds will further cement control while diluting outsiders. Minority investors should monitor board independence and disclosure robustness. Overall governance impact: negative.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

KAHN JONI

(Last) (First) (Middle)

100 SYLVAN RD. SUITE G-700

(Street)

WOBURN MA 01801

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Bridgeline Digital, Inc. [ BLIN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
06/30/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								6,579(1)	I	By James Weil and Joni Kahn 2004 Living Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares are held by the James Weil and Joni Kahn 2004 Living Trust, of which the reporting person is the trustee and a beneficiary.

Remarks:

This amendment to Form 4 filed on June 30, 2025, is filed to include the reporting person's indirect holdings that were inadvertently omitted from such Form 4.

	/s/ Joni Kahn	07/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How much of ICON common stock does Atlantis Holding Corp. own?

Atlantis and CEO Ismini Panagiotidi beneficially own 7,685,546 shares, or 77.9 % of ICON’s outstanding common stock.

When can the Series A Preferred Shares be converted into ICON common stock?

All Series A shares are convertible in whole between 16 Jul 2025 and 15 Jul 2032.

What is the conversion price for ICON’s Series A Preferred Shares?

Each share converts at the lower of US $240 or the 5-day VWAP prior to conversion notice.

How did Atlantis Holding Corp. acquire its ICON stake?

The shares were received under an Exchange Agreement dated 11 Jun 2024 when ICON acquired Maui Shipping Co. and later via in-kind dividend payment.

Will the conversion of preferred shares dilute existing ICON shareholders?

Yes. Conversion would add up to 7.68 million new shares, materially diluting current holders.

Who is Ismini Panagiotidi in relation to ICON?

She is ICON’s Chairwoman & CEO and controls both Atlantis Holding Corp. and Pavimar Shipping.